Result achieved

A policy measure to improve the financial and administrative governance of the social protection system, making it more robust has been adopted and operationalized (Step 3)

Number of countries that have adopted or operationalized policy measures to improve the financial and administrative governance of the social protection system, making it more robust (Step 3)

31.12.2020 CYP101 Public 2020-21 | 8.2.1

Linked projects

• CYP/19/01/CYP - Peer Review of the Actuarial Valuation of the General Social Insurance Scheme as at 31 December 2017, including provision of the necessary modifications to the existing actuarial modelling framework,
• CYP/18/01/CYP - Technical collaboration with the HIO for the development of a health actuarial model, the actuarial valuations of the GHS and capacity building of HIO staff on actuarial valuation studies.
• CYP/21/01/CYP - Actuarial support to the Cyprus Statistical Service for the national accounts statistical disclosure and to the Treasury for the public sector accounting standard disclosure

Outcome summary

An actuarial valuation of the pension scheme has been approved and paved the way to pension reform

Outcome achieved

The actuarial valuation of the General Social Insurance Scheme was endorsed by tripartite stakeholders in December 2020 which has paved the way to social dialogue on a comprehensive pension reform to extend old age pension coverage and ensure adequacy of pensions within a long-term financially and fiscally sustainable pension system.

ILO's contribution to the outcome

The ILO supported the actuarial valuation through Modifications to the existing actuarial modelling framework (ILO models), as per social insurance law requirements as well as for sensitivity scenarios and potential parametric reforms In 2020-2021, The ILO team composed of ILO staff and national consultant has started the work on the first actuarial valuation in collaboration with Health Insurance Organization (HIO) staff for data collection. A rapid institutional diagnostic with recommendations on the structure of the HIO actuarial unit to be created will also be completed.

SDG

Goals

• End poverty in all its forms everywhere

Targets

• 1.3 Implement nationally appropriate social protection systems and measures for all, including floors, and by 2030 achieve substantial coverage of the poor and the vulnerable