{"id":8450,"date":"2024-04-16T19:01:01","date_gmt":"2024-04-16T16:01:01","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=8450"},"modified":"2024-04-16T19:01:01","modified_gmt":"2024-04-16T16:01:01","slug":"no-need-to-raise-retirement-age-says-minister","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=8450","title":{"rendered":"No need to raise retirement age says minister"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/04\/no-need-to-raise-retirement-age-says-minister.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>The social insurance fund (SIF) is <strong>financially viable until at least the year 2080<\/strong>, meaning there is no need to raise the age of retirement, according to the findings of an actuarial study outlined by Labour Minister Yiannis Panayiotou on Tuesday.<br \/>\nPanayiotou said the actuarial review was carried out by the International Labour Organisation, a UN agency. The study has a reference date of December 31, 2020. Its main finding is that the SIF in Cyprus is financially viable through to the year 2080, based on various assumptions.<br \/>\nThe next statutory review of the SIF will have a reference date of December 31, 2023. It will be carried out during the first quarter of 2025.<br \/>\nRegarding the latest review, the minister said it found that each year the fund\u2019s revenues \u2013 from contributions and investments \u2013 are <strong>sufficient to cover annual increases in spending on pensions<\/strong>.<br \/>\nIn addition, the reserves of the SIF are at \u201csatisfactory levels\u201d. By 2080 the reserves are projected to be three times the value of the annual expenditures of the fund.<br \/>\nThe review drew on data from the European Union and Eurostat in making various assumptions \u2013 for example demographic trends over the years. It also factored in changes in life expectancy during the period January 2018 to January 2023, to readjust the pensionable age. Potential changes to the pensionable age are by law reviewed every five years.<br \/>\n<strong>The analysis determined it is not necessary to raise the retirement age until the next review<\/strong>.<br \/>\nAlso, the review found that despite the expansion of men\u2019s rights to a widower\u2019s pension, this additional expense will not necessitate a corresponding increase in contributions.<br \/>\nIn its analysis, the International Labour Organisation made a number of recommendations, particularly regarding investments. It proposed a review of current policy with a view to diversifying the SIF\u2019s investment portfolio. Specifically, they recommend that a larger proportion be invested in \u2018non-public assets\u2019 so as to ensure higher yields at relatively low risk.<br \/>\nThe review says any alteration to the SIF\u2019s investment policy should be gradual.<br \/>\nAccording to the minister, <strong>the review\u2019s findings serve as a \u201cbaseline\u201d for the planned pension reform of 2025<\/strong>, which the current government has promised to deliver.<br \/>\nClosing, Panayiotou recalled that the SIF has provided universal pension coverage for 60 years now.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;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&#8217;s investment portfolio and gradually altering its investment policy. The review&#8217;s findings will serve as a baseline for the planned pension reform of 2025.<\/p>\n","protected":false},"author":3,"featured_media":8451,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[6702,862,6393,3,2369,2404,863,1312,3935,250,3330,415,1823,187,2753,3752,839,30,5679,95,185,3331,4941,5344,722,4833,737,6701,5614,1812,4054,5386,5387,5389,3480,414,32],"class_list":["post-8450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-actuarial-study","tag-age","tag-analysis","tag-cyprus","tag-data","tag-european-union","tag-eurostat","tag-expansion","tag-expenditures","tag-google","tag-google-news","tag-government","tag-increase","tag-international","tag-investment","tag-investments","tag-labour","tag-labour-minister","tag-law","tag-life-expectancy","tag-main","tag-news","tag-organisation","tag-pension-reform","tag-pensions","tag-policy","tag-retirement","tag-retirement-age","tag-revenues","tag-rights","tag-risk","tag-sif","tag-social-insurance","tag-social-insurance-fund","tag-spending","tag-un","tag-yiannis-panayiotou"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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