Cyprus considers raising retirement age, ending multiple pensions for officials
Cyprus is debating pension reform, with a focus on modernizing the system and addressing sustainability concerns. Multiple pensions for government officials have emerged as a key point of contention, representing less than 10% of the strain on the system. The Ministry of Finance proposes raising the retirement age for government officials and parliamentarians to 65, aligning them with the general population. The International Labour Organisation is studying the Cypriot pension system and has highlighted the need for a balanced and sustainable system. Mercer analyzed 47 global pension systems, with European models performing the best. British Prime Minister Liz Truss sparked opposition for claiming a large annual pension after serving for only 44 days. Former UK Prime Ministers can claim the Public Duty Cost Allowance, but holders of the three great offices of state no longer receive a pension of half their last salary upon leaving office.