The Minister of Labour and Social Insurance, Mr. Marinos Mousiouttas, and the Actuary of the International Labour Organization (ILO), Mr. Kostas Stavrakis, attended a regular meeting of the Board of Directors of the Employers and Industrialists Federation (OEB), which took place on Thursday, September 17, 2026, at the offices of OEB.
During the meeting, the Minister and the Actuary informed the Members of the Board of Directors about the promoted pension reform and provided clarifications on its individual aspects.
The Chairman of OEB, Mr. George Pantelides, reiterated that the adequacy of pensions and the long-term sustainability of the system are priorities for the business world. Acknowledging positive elements in the proposed reform, he underlined the need to give sufficient time for a substantial assessment of the regulations and their future impact. At the same time, he pointed out that, if a future actuarial assessment shows a sustainability problem, all available options should be examined, including the gradual increase of the retirement age
Mr. Pantelides raised with the Minister the need to clarify how the proposed improvements will be financed. He stressed that these must remain within the real capabilities of the system.
OEB also underlined that the creation of a real reserve of the Social Insurance Fund requires the legislating of an independent management body, a clear governance framework and strengthened supervision and control mechanisms.
Regarding the Provident Funds, OEB reiterated that their voluntary nature must be maintained. The expansion of employee coverage can be achieved with strong state incentives to employers.
In conclusion, the President of OEB confirmed the readiness of the Organization to continue to contribute constructively to the dialogue, with the aim of a fair, balanced and sustainable pension system for current and future generations.
