On September 17, 2026, the Minister of Labour and the ILO actuary attended an OEB board meeting to discuss pension reform and its implications for sustainability and funding.
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, they provided information and clarifications on the proposed pension reform. The Chairman of OEB, Mr. George Pantelides, emphasized that pension adequacy and system sustainability are priorities for the business community. He acknowledged positive aspects of the reform but stressed the need for sufficient assessment time and the examination of all options, including potential retirement age increases if sustainability issues arise.
Mr. Pantelides also asked for clarification on how the proposed improvements will be financed, emphasizing that funding must align with 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 reaffirmed that their voluntary nature should be maintained. Expanding employee coverage should be supported by strong state incentives to employers.
The President of OEB expressed the organization’s readiness to continue contributing constructively to the dialogue, aiming for a fair, balanced, and sustainable pension system for current and future generations.
