Insider Economy Provident Funds: Controversial provisions put on ice

Provident Funds: Controversial provisions put on ice

A harmonisation bill on the regulation of provident funds will be urgently sent for a vote with controversial provisions now put on ice so that heavy penalties by the European Commission are avoided.

The controversial provisions had been added by the Ministry of Labour but employers in Cyprus raised a storm of protests.

The Ministry basically tried to make it compulsory on all industries to set up a provident fund – whereas this is not mandated by the EU directive which must be transposed into national law by February 10.

Phileleftheros reports that after a meeting on Thursday between Minister of Labour Zeta Emilianidou and Constantinos Petrides of Finance a compromise was reached paving the way for the bill to be sent back to the House Labour Committee. And to the plenum for an urgent vote.

An asterisk will be placed where the important provision of mandatory provident funds is written but, nonetheless, this will apparently come into effect once the entire institutional framework is completed with all regulations and directives provided by the legislation.

An asterisk will also be placed where the provision prohibiting the transfer of Provident Funds and/or their members to insurance plans is written.

However, Emilianidou has made clear that she is determined to go ahead with the added proposals saying that social partners should acknowledge the government’s commitment to strengthening the institution of provident funds. These are a backup to much-needed retirement benefits, she also said.

 

Read more:

https://in-cyprus.com/cyprus-provident-funds-institution-to-be-strengthened/

 

Top Stories

Research vessel Oruc Reis re-enters Greek waters

The Turkish research ship Oruc Reis with its two auxiliary vessels Ataman and Cengizhan accompanied by a naval force of Turkish warships is moving...

Police report 11 premises and 21 individuals for noncompliance with measures

Cyprus police conducted 1,030 checks reporting 11 premises and 21 individuals in various Districts of Cyprus for not complying with measures aiming to contain...

Research vessel Oruc Reis back in Turkey’s continental shelf

Turkish research vessel Oruc Reis left on Wednesday evening an area that falls within the Greek continental shelf and entered the Turkish continental shelf,...

France to bolster Mediterranean military presence over Turkish prospecting

France will increase its military presence in the eastern Mediterranean, President Emmanuel Macron said on Wednesday, calling on Turkey to halt oil and gas...

People enjoy hot weather in London

People enjoy the hot weather amongst summer themed sculptures, amid the coronavirus disease (COVID-19) outbreak, in London, Britain August 12, 2020.

Taste

Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...