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Cyprus Announces Largest Pension Increase Since 1996

In a significant move to enhance the financial well-being of its retirees, Cyprus has approved a notable increase in pensions, set to take effect in January 2025. Labour and Social Insurance Minister Yiannis Panayiotou detailed the adjustments, highlighting a 5.94% rise in the basic component and a 1.49% boost in the supplementary component of Social Insurance Fund pensions. 

This adjustment marks the most substantial increase in the basic pension segment since 1996, reflecting the positive trajectory of the Cypriot economy. Minister Panayiotou emphasized that the government’s citizen-centric policies are yielding tangible benefits, significantly enhancing daily life. 

The specifics of the pension adjustments are as follows:

  • Full Basic Pension: Monthly payments will rise from €483.77 to €512.50.
  • Minimum Pension for Beneficiaries Without Dependents: An increase from €411.20 to €435.62 per month, impacting over 14,000 individuals.
  • Social Pension: A boost from €391.85 to €415.13 monthly, benefiting nearly 18,000 recipients. 

These enhancements are directly linked to the recent growth in average insurable earnings, which have seen the most significant rise in the past three decades. Minister Panayiotou noted that the average salary increase in 2023 surpassed those of the previous 30 years, leading to a corresponding uplift in pension contributions. 

The government remains committed to further strengthening the adequacy of wages and pensions, ensuring that economic progress translates into improved living standards for all citizens.

TikTok Returns To US App Stores 

TikTok is once again available for download in the Apple and Google app stores in the US, following a delay in the enforcement of its ban by former President Donald Trump. The ban’s postponement until April 5 gives the administration additional time to evaluate the situation.

Key Developments

The decision to restore TikTok access came after Google and Apple received reassurances from the Trump administration that they would not face legal consequences for reinstating the Chinese-owned app. According to Bloomberg, US Attorney General Pam Bondi sent a letter outlining these guarantees.

In an executive order signed on January 20, Trump instructed the attorney general not to take enforcement action for 75 days, providing time for his administration to determine how to proceed.

Uncertain Future For TikTok In The US

While TikTok is back on the US app stores, its long-term survival remains uncertain. If no deal is reached by early April to address national security concerns, the app may face another shutdown. ByteDance, the parent company, has insisted that TikTok is not for sale.

Legislation And Pressure On ByteDance

The Protecting Americans from Foreign Enemy-Controlled Apps Act, which passed with bipartisan support in Congress, mandates a nationwide ban on TikTok unless ByteDance sells its US operations. This law was signed by President Joe Biden in April of last year.

In late January, the app was briefly removed from US stores following the ban’s activation, impacting over 170 million American users. However, TikTok was restored soon after, following Trump’s intervention in his first hours as president. During that time, he signed an executive order allowing 75 days for a deal that would safeguard national security. Trump also suggested that the US could take a 50% stake in TikTok, a move he believed would keep the app “in good hands.”

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