Pensions to start being paid a month after reaching retirement age

08:32 - 13 September 2023

Economy

Pension payments will now start within a month from the date beneficiaries reach retirement age, Minister of Labour and Social Insurance Yiannis Panayiotou has said.

According to the minister, from the end of September 2023, all workers retiring at the age of 65, who make up 30% of pensioners, will start receiving their pension within a month. The same will apply for the other 70% of pensioners retiring at age 63, as of the end of the December 2023.

Panayiotou said hundreds of pensioners will start benefiting from these expedited procedures in the next few weeks, and overall, 10,000 pensioners annually.

The Minister said that 10,257 pension applications were submitted in 2021, 11,425 in 2022, while 7,861 applications have been submitted to date this year. He noted that, in 2022 the average examination period of applications ranged between five to six months.

Panayiotou said the focus would now be shifting towards accelerating the Social Insurance Services’ procedures to ensure timely benefit payments to the public; a top priority for President Nikos Christodoulides and a key part of his human-centred governance programme.

(Source: CNA)

Pensions to start being paid a month after reaching retirement age

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