Pensioners are set to protest outside the finance ministry on October 3 as part of their efforts to get the government to scrap a 12 per cent reduction to those who retire early at 63.

Ekysy pensioners group announced its decision on Friday, where it charged the government “failed to demonstrate the necessary sensitivity” to solve problems plaguing pensioners.

Retirement age in Cyprus is set at 65 and those who chose an early pension at 63 can do so with a 12 per cent cut.

Talks have been ongoing for months over the matter, with the government drawing a firm line on the matter. Labour Minister Yiannis Panayiotou previously said reduced pensions for early retirement cannot be scrapped as that would come at an annual cost of €100 million.

Ekysy reiterated its demands to scrap the 12 per cent reduction saying “the high cost of living is continuing to drastically undermine the living standards of pensioners.”