OEB discusses pension reform with Minister of Labour and ILO actuary

The Minister of Labour and Social Insurance, Mr. Marinos Mousiouttas, and the International Labour Organization (ILO) actuary, Mr. Kostas Stavrakis, attended a regular meeting of the Board of Directors of the Employers and Industrialists Federation (OEB) on Thursday, September 17, 2026, at OEB offices.

During the meeting, the Minister and the ILO actuary provided updates on the promoted pension reform and clarified its various aspects.

OEB Chairman Mr. George Pantelides emphasized that pension adequacy and long-term system sustainability are priorities. He acknowledged positive elements of the reform but stressed the need for sufficient time to assess regulations and their impacts. He also noted that if future actuarial assessments reveal sustainability issues, options such as gradually increasing the retirement age should be considered.

Mr. Pantelides asked the Minister to clarify how the proposed improvements will be financed, emphasizing that funding must be within the system’s capabilities.

OEB highlighted that establishing a real reserve for the Social Insurance Fund requires legislation for an independent management body, clear governance, and enhanced supervision and control mechanisms.

Regarding Provident Funds, OEB reiterated that their voluntary nature should be maintained. Expanding employee coverage should be supported by strong state incentives for employers.

In conclusion, the President of OEB confirmed the organization’s readiness to continue contributing constructively to the dialogue toward a fair, balanced, and sustainable pension system for current and future generations.