Actuarial review and policy reform

Executive summary The project “Actuarial Review and Policy Reform” (the “Project”) aims at supporting the Ministry of Labour and Social Insurance (the “MLSI”) in the reform of the national Social Protection System, primarily aimed towards the improvement of social protection for all. It includes: * the conduct of the Actuarial Review of the General Social Insurance Scheme (the “GSIS”) as of 31 December 2020, primarily aimed to assess its current and future financial position under no policy change scenario; * the reform of the national social security pension system, including the GSIS, with a primary focus on securing an adequate pension income in old-age in the most efficient manner, especially for the vulnerable groups, including workers in non-standard form of employment (the “NSFE”); and * the reform of the GSIS with an aim to extend the coverage of self-employed/ platform workers in the context of NSFE, thus enhancing access to social protection for all.

Project symbol

CYP/22/01/CYP

Admin unit

SOCPRO

Start date

18/10/2022

End date

18/04/2025

Total allocation

1148878

Total expenditure

Status

Active

1056320

Development Partners

Cyprus, Ministry of Labour and Social Insurance

Country/Countries

Cyprus

Outcomes

Outcome 7: Universal social protection