Social Insurance Fund pensions are increasing from this month, by 5.94% in the basic part and by 1.49% in the supplementary part, as announced by the Minister of Labor.
Speaking after the conclusion of the Council of Ministers, Yannis Panayiotou said that the increase in the basic part of pensions is the highest paid since 1996.
According to CyBC, he added that in total, the beneficiaries of the Social Insurance Fund pension amount to 142,500.
The minister said that wages increased on average in 2023 more than they had increased in the previous 30 years, which, he added, is leading to an increase in pensions.