Joe Biden must raise income tax and cut pensions spending to slow the dangerous rise in the US national debt, the Organisation for Economic Cooperation and Development (OECD) has said.Corporate taxes also need to go up, economists suggest, while the US president needs to find a way to control spending on healthcare.Heavy borrowing and spending … Read more
By Charles EllinasJune 3 was World Bicycle Day, but in Cyprus, it went completely unnoticed. And for a good reason. Cypriots mostly use cars to go anywhere, even to shops down the road. In 2018, the United Nations General Assembly declared June 3 as World Bicycle Day to spread awareness about the benefits of cycling, … Read more
The change in capital gains tax rates will increase the overall tax on capital gains to levels similar to eligible dividends in six provinces for those at the highest marginal rate. The delay in implementation to July 25 provides an opportunity for advisors to adjust their clients’ portfolios to mitigate the impact of the rate hike.
The social insurance fund (SIF) in Cyprus is financially viable until at least the year 2080, based on an actuarial study outlined by Labour Minister Yiannis Panayiotou. The study found that the fund’s revenues are sufficient to cover annual increases in spending on pensions, and the reserves of the SIF are at satisfactory levels. The analysis determined that it is not necessary to raise the retirement age until the next review in 2025. The International Labour Organisation recommended diversifying the SIF’s investment portfolio and gradually altering its investment policy. The review’s findings will serve as a baseline for the planned pension reform of 2025.
Fact: German Chancellor Olaf Scholz attended the groundbreaking ceremony for a new munitions factory and warned that Europe must move to mass producing weapons because we do not live in times of peace.
Cyprus is outperforming the European Union average in various public health metrics. The average life expectancy in Cyprus is 81.7 years, which is higher than the EU average of 80.7 years. Older people in Cyprus live longer without activity limitations compared to the EU average, with men expecting 19.1 years and women 21.5 years without limitations at age 65. Cyprus has the lowest rate of preventable and treatable deaths in the EU, at less than 200 per 100,000 people. It also has the lowest rate of unmet needs for medical care in Europe, with less than one percent of people reporting unmet healthcare needs.
Despite these positive outcomes, Cyprus spends less on health than the EU average, with 9.4 percent of its GDP going to health expenditure and a per capita annual spend of €2,686, compared to the EU average of €4,028. The proportion of healthcare costs paid out of pocket in Cyprus is 10 percent, lower than the EU average of 15 percent.
However, Cyprus faces challenges with antibiotic-resistant bacteria, with 43 percent of people with bloodstream infections testing positive for such bacteria, nearly three times the EU average of 15 percent. The number of nursing graduates is also low, with 15 per year per 100,000 people, resulting in 4.8 practicing nurses per 1,000 people, which is below the EU average of 8.5. Conversely, Cyprus has five doctors per 1,000 people, which is above the EU average.
Regarding lifestyle factors, 23 percent of people in Cyprus smoke daily, which is higher than the EU average of 19 percent. Only four percent of Cypriots reported heavy drinking, significantly lower than the EU average of 19 percent. The obesity rate in Cyprus is 15 percent, slightly lower than the EU average.
House Speaker Annita Demetriou publicly supported a bill to end lifetime benefits for former presidents and House speakers in Cyprus. The proposed legislation would terminate provisions such as a state limousine, police chauffeurs, and a secretarial allowance until death. Independent deputy Alexandra Attalides suggested that these benefits should last for only five years after an official leaves their position. The Green party advocated for complete abolition of these benefits. If unchanged, Demetriou, at the end of her term at age 41, would receive a state car with chauffeur and a €3,000 monthly allowance for life, potentially another 40 years. The cost of these benefits for two former presidents and three former speakers is about €700,000 a year, separate from their state pensions, which for a former president is around €8,000 per month. The audit office provided these figures. During the ethics committee discussion, the under-secretary to the president, Irini Piki, opposed abolishing the benefits. The secretarial allowance is not taxed and is given even if a secretary is not employed.