Insider Economy Draft bill provides voluntary retirement option to civil servants

Draft bill provides voluntary retirement option to civil servants

The government has plans for a voluntary retirement option for civil servants who will have 45 days to decide whether to take it or not.

Specifically, a draft bill provides for early retirement incentives on offer for government employees and those in the wider civil service who will either have five years left before compulsory retirement or completed 400 months of retirement service by August 31, 2020.

The bill also provides that teachers should remain in service until the end of the school year, that is, until schools are staffed enough to ensure their smooth operation. Any employee who chooses to benefit from the plan will not be subject to an actuarial reduction in retirement benefits paid for their service from January 1, 2013 and beyond.

Amendments to the bill have already been sent to the House of Representatives by the Finance Ministry, so several changes are expected to take place before it goes before the vote.

For example, a provision is now added whereby pensions for government employees and for those in the wider civil service get to be adjusted on January 1 of each year based on the automatic adjustment index rate from the previous year.

At the same time, existing pension legislation on benefits paid to civil servants in the event of a disciplinary penalty providing enforced retirement get t also be amended.

And retirement benefits granted would not be less than those granted to an employee if the termination of service was imposed on him/her and not on the dismissal as provided by existing legislation.

Read more:

https://in-cyprus.com/around-1000-bank-employees-to-opt-for-co-op-voluntary-retirement-scheme/

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