Former leaders in Cyprus receive generous retirement benefits, including a state pension, a chauffeurdriven limousine, and a monthly allowance for secretarial services. These perks, costing taxpayers approximately €700,000 annually, have sparked controversy for their excessive nature and the contrast they create with the average citizen’s retirement benefits.
Pension plans in Cyprus are changing as employers are shifting towards modern solutions like occupational pension plans provided by life insurers or multiemployer IORPs. These plans streamline management, reduce administrative burdens, offer tax benefits, and enhance job satisfaction. Employers are seeking professional advice to ensure their plans meet specific requirements and employee interests.