Minister of Labour and Social Insurance, Yiannis Panayiotou, announced Friday the decision of the Council of Ministers to increase the pensions of the Social Insurance Fund from January 2025 by 5.94% in their basic part and by 1.49% in their supplementary part.

The increase in the basic part of the Fund’s pensions by 5.94% is the highest since 1996, he pointed out.

“The positive course of the Cypriot economy and the consistent implementation of the government policy that has citizens in its centre, yield results that significantly improve their daily lives,” he said.

Panayiotou added that “the adequacy of pensions and salaries is gradually being strengthened and this positive course will continue.”

Speaking after the meeting of the Council of Ministers, Panayiotou said that the monthly amount of the full basic pension is increasing from 483.77 to 512.50 euro and the minimum pension is increasing from 411.20 to 435.62 euro for beneficiaries without dependents.

The number of beneficiaries of the statutory pension reaches 142,542, he added.

The Minister also said that the monthly amount of the social pension will increase from 391.85 euro to 415.13 euro for 17,853 beneficiaries.

Furthermore, he noted that the increase in the basic part of the Fund’s pensions by 5.94% is the highest since 1996 and the largest increase in the average insurable earnings of the last three decades.

The Minister of Labour said that salaries increased on average in 2023 more than they had increased in the previous 30 years, leading to an increase in pensions in their basic part by almost 6%.

“The increase in salaries based on the amount of insurable earnings for which insurance contributions are paid is the highest in the last 30 years and this is an important step towards strengthening the adequacy of wages and pensions so that we gradually reach the point set as a goal by the Government,” he noted.

Source: Parikiaki.com