Philenews

Found 'Haves' and 'Have-Nots' Pensioners!

Published February 21, 2026, 09:13
Found 'Haves' and 'Have-Nots' Pensioners!

Who thought of this? In the economy that is booming and upgrading and prides itself, the government is planning a pension reform to strengthen low-income pensioners. And they will do well. They are planning, it says, for the maximum basic pension, which currently ranges from €520-530, to reach €764. Where will they find the money? The reform will also result in pension cuts. In fact, cuts! Those who receive a pension above €1,700 will have a reduction. These will therefore fund the increase that low-income pensioners will receive. In other words, pensioners will subsidize other pensioners. And not the robust economy. But isn't it a great idea? It is the so-called redistribution of wealth by transferring assets from the 'haves' (of communist theory) to lower strata in order to reduce economic inequality. In other words, anyone who has worked for 30-40 years and paid their contributions to the Fund and in old age receives a pension of more than €1,700 is considered by them, rich and unfair (perhaps even dishonorable!) to those who receive lower pensions. And instead of raising the low pensions to approach the poverty line, the pensions of the super-rich pensioners will be reduced to reduce the gap in inequality and bring them closer to the poverty line. How come others didn't think of this before these brains? But why stop there? Let's also see if those with fat pensions also have two fields to take one to give to others who do not have. Because, sir, the problem of inequality in Cyprus is not excessive wealth of the few. Nor the officials of multiple pensions. Not the huge differences in wages and pensions of the public and private sectors. It is the excessive pensions of €1,700. Mr. President, are you serious when you talk about a robust economy that has the potential for social policy? Is this social policy? To put your hand in the private property of pension assets to subsidize those that the state should already subsidize?