Cyprus’ labor minister has presented a five‑pillar plan to reform the country’s second‑pillar pension system, focusing on the operation and oversight of provident funds.
Marinos Moushiouttas told the Labour Advisory Body that the second pillar is an essential part of a modern, multi‑layered social‑security framework.
He said the reform plan includes strengthening and modernizing the supervisory authority, updating the legal framework, expanding participation in occupational pension schemes and improving the adequacy of future retirement income.
Additional measures are aimed at ensuring greater independence and transparency in fund management.
The next meeting of the advisory body is scheduled for Monday.