Cyprus Mail

Workers seek end to pension penalty on early retirement


A new campaign is underway to press the government to scrap a 12 per cent ‘penalty’ on the pensions of those who retire at 63 and not 65.

This follows a meeting at the initiative of Peo trade union confederation and the pensioners association Ekysy who warned of dynamic action in pursuit of their demands.

They said increased unemployment, the difficulty of returning to the workforce after the lengthy closure of a number of sectors due to the pandemic, the difficulties young people face in finding a job, the closure of a large number of small companies and the problems facing many self-employed make the need to abolish the penalty even more pressing.

The issue has been discussed by the House labour committee on several occasions, but the ministry has failed to commit citing the need for new studies. However, according to Peo and Ekysy the latest actuarial study has shown the long-term viability of social insurance pensions until 2080.

The new initiative urged the government to submit as soon as possible a bill to the House scrapping the penalty and said that details of a planned protest event will be announced at a press conference on April 2.


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