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The Ministry of Labor announced on Friday, December 2, that according to the latest actuarial research, the sustainability of the social insurance fund is guaranteed in the long term.
The statement appeared to be in response to presidential candidate Nikos Christodoulides' characterization of pension plans as "ticking time bombs."
"The pension system is certainly a challenge that the ministry is asked to manage," the ministry said. However, amendments as of 2012 have so far ensured that the scheme, even until 2080, has annual revenues covering annual expenditures, the ministry noted in its statement.
The ministry added that it was consulting with the International Labor Office (ILO) and awaiting the results of its study on pension system reform.
The ministry statement concluded that the International Labor Organization will submit the results of the study before the end of the year and will subsequently prepare a pension reform plan.
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