Insider Economy Ways to solve delayed pension procedures

Ways to solve delayed pension procedures

The Ministry of Labour is getting ready to combat the standing problem of delayed pension payments, according to Constantinos Stavrakis who heads the Social Insurance Department.

Addressing the House Standing Committee on Institutions yesterday, he admitted that the procedure of pensions is problematic and that measures are taken to solve short and medium-term problems. To start with, a timetable has been set for reducing delays from six to three months, he said.

He also assured that efforts are ongoing for the relevant mechanisms to be implemented so as to improve the service and to better inform pensioners on both their rights and obligations.

At the same time, MPs called on the state to pay back a €7.5 billion loan to the Social Insurance Fund. But Finance Ministry representative Elias Mallis said that any repayment would raise public debt which is expected to fall to around 80% of GDP by 2020.

Mallis also said that the Fund is viable and the amount of €7.5 billion acts as a pillow, to be used if and when necessary. As for the Fund’s investment policy, he said that legislation must change. And that investment plans from future hydrocarbons profits include the Social Security Fund.

The parliamentary committee’s members gave six months to the state to improve Social Insurance Service procedures. In addition, committee chairman Zacharias Zachariou, a ruling Disy MP, said that not only income-receiving departments but also payment departments should get modernised.

 

Read more:

https://in-cyprus.com/62-state-officials-receive-multiple-pensions-treasury-figures-show/

Top Stories

Global COVID death toll tops 2 million, one death every 8 seconds

  The worldwide coronavirus death toll surpassed 2 million, according to a Reuters tally, as nations around the world are trying to procure multiple vaccines...

244 new cases, out of 11,163 tests announced on Friday

The Health Ministry announced 244 new Coronavirus cases out of 11,163 PCR and rapid antigen tests on Friday, 15 January, taking confirmed infections to...

Where to get antigen rapid tests on Saturday

The Health Ministry announced the following antigen rapid test sites for Saturday, 16 January 2021:   LIMASSOL Tassos Papadopoulos building – TEPAK, Limassol 08:30-16:30 Church Agia Varvara, Zakaki...

President Anastasides to get the second dose of COVID-19 vaccine next Monday

Cyprus President, Nicos Anastasiades, will receive the second dose of the vaccine against COVID-19, next Monday at the Health Center of Latsia, according to...

Expert says milder version of pandemic likely to be present in 2022

Dr Constantinos Tsioutis, Assistant Professor, Internal Medicine & Infection Prevention and Control at the Department of Medicine of the European University Cyprus and head...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...