At 3.89% the pension increase

The basic part of the Social Insurance Fund pensions will increase by 3.89%, announced the Ministry of Labor and Social Insurance, in accordance with the provisions of the legislation and following a decision of the Council of Ministers to issue a decree that will be effective from January 2024.

Specifically, according to a relevant announcement, the monthly amount of the full basic pension increases from €465.65 to €483.77 and the minimum pension increases from €395.80 to €411.20 for beneficiaries without dependents, while the monthly amount of social pension increases from €377.18 to €391.85.

It is noted that the percentage of the increase is calculated according to the increase in the average insurable earnings between the two previous years, as determined through an actuarial study.

Source: stockwatch.com.cy

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