Pension Plan | Lump sum and tax-free lump sum provision for newly-appointed Officers and Non-Commissioned Officers

Defence Redefined

Published on 20/05/2021 at 16:16

Another goal of the Officers and NCOs of the Cyprus Army has been achieved. Today, the Agreement on the pension plan and lump sum provision for all newly-appointed Officers and Non-Commissioned Officers, but also on the tax-free lump sum provision, which will be in force as of January 1, 2021, has been signed. The provisions of the Agreement also apply for those who have retired, who will receive a refund of a part of their pension.

The plan does not only concern permanent state personnel, who have been appointed after 1.10.2011, but also for the ones under Indefinite Employment, as well as all Special Police Officers. 

Also read: Cyprus Army Officers Association on Officers’ promotions | “Opportunity for timely planning of transfers”  

The announcement in detail: 

The Minister of Finance and the Pancyprian Public Servants’ Trade Union (PASYDY), OELMEK, Pancyprian Organisation of Greek Teachers (POED), OLTEK, the Cyprus Police Association (SAK), Cyprus Army Officers Association (SAKS), Cyprus Army Non-Commissioned Officers Association (SYKS) signed today the Agreement that will govern the Pension Benefits of the Public and Wider Public Sector employees.

The Organizations express their satisfaction for the successful conclusion after many months of consultations with the Ministry of Finance, regarding a key issue that concerned thousands of colleagues. They wish to express their gratitude to the Authorities and especially to the Minister of Finance Mr. Konstantinos as well as the General Director of the Ministry Mr. George Pantelis for the cooperation and the constructive spirit they showed during the consultations, in order to reach the current result, which benefits everyone.

The Organizations,

PASYDY, POED, OELMEK, OLTEK, SAK, SAKS and SYKS.

Nicosia,

May 20, 2021.

Also read: The promotions of SYP took place – 314 Sergeants were promoted to Staff Sergeant after 20 years