Insider Business Storm of protests over Provident Fund contribution directive

Storm of protests over Provident Fund contribution directive

A harmonisation bill providing an EU directive that Provident Fund contribution will be compulsory for all employees of companies offering such a benefit has raised a storm of protest now that it is debated before the House Labour Committee.

The ball is now in the House’s court with the EU putting pressure for the bill to be voted in and with employers in Cyprus trying to take out that crucial provision.

Ruling Disy leader Averof Neofytou has accused Labour Ministry technocrats of playing games, while House Labour Committee Chairman Andreas Fakontis said it was not the first time that a bill goes before  parliament without undergoing legislative scrutiny first.

The left-wing main opposition Akel MP has also pledged to find a solution to the problem which is getting a wide dimension.

The situation got further complicated and the bill’s fate is turning even more uncertain now that the Republic’s Legal Service refuses to get involved.

Nonetheless, Neophytou proposed for the bill to be approved with the Commission’s harmonisation provisions adding that his party is ready to discuss any additions with the government, ministries and social partners at a later stage.

Employers are angry with the Ministry of Labour which, they say, has introduced provisions that were not discussed and agreed with all stakeholders.

On the other hand, the unions welcomed the ministry’s action arguing that early retirement proposed plans by employers are strengthened.

The purpose of the European directive and therefore of the proposed bill is to further ensure the sound governance of Professional Pension Institutions through the implementation of new key functions such as risk management, internal audit and actuarial operation and the provision of clear and useful information to potential candidates, members and beneficiaries of funds.

Read more:

https://in-cyprus.com/countdown-for-provident-funds/

 

 

Top Stories

Attica in ‘orange alert’ state – new emergency covid measures announced

Deputy Civil Protection and Crises Management Minister Nikos Hardalias has announced emergency measures aiming to contain the spread of the coronavirus in Attica. A daily...

Kiti Bishop Nektarios test positive to the coronavirus

Kiti Bishop Nektarios (pictured) has, according to information, tested positive for the coronavirus. It is reminded that the Bishop after coming into contact with one...

Seven new coronavirus cases detected out of 3,039 tests

The Ministry of Health has announced that 7 new cases of the SARS-CoV-II virus were detected in Cyprus over the past 24 hours out...

There will be covid cases at schools but an outbreak must be avoided, Dr. Pana says

There will be positive COVID-19 cases at schools, but we must aim at avoiding an outbreak through contamination points, said Zoe-Dorothea Pana, a Lecturer...

Mitsotakis and Tsiodras sound alarm over rise in coronavirus cases, especially in Attica

Prime Minister Kyriakos Mitsotakis and the health ministry's representative for the novel coronavirus pandemic, epidemiology expert Dr. Sotiris Tsiodras, sounded the alarm over the...

Taste

Swordfish with aubergines

To toast the sesame seeds: place sesame seeds in a small non-stick frying pan over low heat and stir until you begin to smell...

Chicken with okra and bulgur wheat

Heat the oil in a pan and sauté the okra until golden. Remove the okra, lay out in an oven tray and sprinkle with...

Ravioli

Just a little before serving, heat the broth and add the ravioli. (If the ravioli is frozen you don’t have to defrost). Heat them...

Seafood kebab with avocado salad

Place the mussels, shrimps and salmon in a bowl together with tarragon and lemon zest. Season and cover, keeping in the fridge for 15...