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Cyprus News Agency: News in English, 09-07-03

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>




    Minister of Labour and Social Insurance Soteroula Charalambous has said that ``the government intends to continue monitoring the impact of the financial crisis on social security and more importantly of the population ageing and if the need arises, it is determined to take targeted measures to cope with this challenge.``

    Addressing the Meeting of the EPC Working Group on Ageing Populations and Sustainability, hosted by the Ministry of Finance with the support of the Ministry of Labour and Social Insurance, on Thursday, Charalambous said ``a holistic and an integrated approach is required to be taken by each country, aiming at not only achieving a long-term sustainability of the public pension system but also ensuring adequate social protection and guaranteeing social equity.``

    Charalambous referred to the main pension challenges faced in Cyprus and the main measures the government has taken to confront them, adding that ``the main objective of the government social policy is to ensure the financial sustainability of public and private pensions schemes, bearing in mind pressures on public finances and the ageing of populations, in the context of the three-pronged strategy for tackling the budgetary implications of ageing.``

    ``In Cyprus, the global financial crisis has not had any immediate and direct impact on the general social insurance scheme, which effectively operates on a pay-as-you-go basis and aims to provide adequate levels of pension. The only indirect and long-term impact that the financial crisis has on social insurance is that it could increasingly worsen the broader, long-term fiscal challenges of Cyprus,`` she said.

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