InsiderEconomyCyprus' proposed 2023 state budget now provides additional €55m for new pension...

Cyprus’ proposed 2023 state budget now provides additional €55m for new pension plan

The Mediterranean island’s proposed 2023 state budget of €8.4 billion provides for an additional €55 million following 37 new amendments submitted by the government, Philenews reported on Tuesday.

Of the €55 million, €20 million of funds will be allocated towards the implementation of the new pension plan in the public and wider public sector.

The bills on the new pension plan will be submitted before the House plenum for approval on Thursday.

And on Tuesday, December 6, the three-day state budget debate before the plenum begins with the vote set to take place on Thursday, December 8.

The budget approved by the Cabinet was described as balanced with income reaching €8.452 billion, while spending was about €8.456 billion.

This is the tenth and last budget submitted by the Nicos Anastasiades administration.

When presenting it to Parliament, Finance Minister Constantinos Petrides had said the 2023 budget was prepared in a climate of great uncertainty, intensified by the effects of the coronavirus pandemic.

As well as by the continuation of the war in Ukraine.

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