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Eurobank Assumes Principal Employer Role For MAP Provident Fund In Cyprus

by THEFUTURE.TEAM

December 11, 2025

Strategic Move Reflects Confidence In Cyprus’ Economic Outlook

Eurobank has formally assumed the role of principal employer for the MAP multi-employer provident fund in Nicosia as of December 8. This decisive action reinforces the bank’s position as a leading financial institution in Cyprus and underscores its confidence in the nation’s continued economic development.

Enhancing Corporate Governance And Investment Processes

In a statement, Eurobank highlighted that its extensive expertise in wealth management and occupational pension schemes will be pivotal in advancing the fund’s corporate governance standards and investment strategies. As the largest financial institution in Cyprus with a long history in investment fund management, Eurobank is well positioned to offer comprehensive services that aim to sustain and elevate the quality of the fund’s operations.

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Assurance Of Continuity And Member Benefits

Notably, while Eurobank assumes the primary role, the former principal employer, AON Hewitt, remains an integral part of MAP as a founding and participating employer. This continuity ensures that current members will not experience any changes in their rights, account details, or the array of investment options available. The established processes, including the web portal, mobile application, and service contact numbers, will persist unchanged.

Aligning With European Union Standards

The MAP provident fund, registered in Cyprus and operational in alignment with the EU Directive 2003/41/EC, stands as the largest provident fund for non-affiliated employers in the region. The fund currently serves 11,012 members across 526 companies, managing assets totaling €304 million. The directive facilitates a uniform legal framework for occupational retirement benefits across the European Union, ensuring higher security standards for future pensioners.

A Strategic Development For Future Growth

The MAP administrative committee commended the decision, noting that Eurobank’s involvement will significantly fortify the fund’s position as a benchmark in Cyprus’ occupational pension benefit market. By leveraging its vast resources and experience, Eurobank is expected to play a central role in guiding the fund’s long-term developmental strategy while preserving the high level of service that members have long enjoyed.

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Cyprus Cuts Electricity VAT To 5% As Part Of 100 Fiscal Measures

by THEFUTURE.TEAM

March 30, 2026

President Nikos Christodoulidis announced a package of 100 fiscal measures to address inflation and reduce costs for households and businesses. Measures include tax cuts and targeted support. Plan focuses on energy prices, fuel costs and consumer spending. Implementation begins in 2026.

Broad-Based Tax Cuts And Immediate Relief

Among the suite of initiatives is a reduction in fuel tax, widely recognized as an effective short-term relief strategy. However, an even more significant policy step involves transferring savings directly to consumers via improved fiscal mechanisms. This approach ensures that the benefits of tax reductions are channelled efficiently to end users, reinforcing trust and stability in the market.

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Strategic VAT Reduction On Electricity

VAT on electricity will be reduced to 5% from May 1, 2026, to March 31, 2027. The rate was previously lowered from 19% to 9%. Electricity pricing remains regulated by the Public Electricity Company. Structure limits the impact of market-driven price increases.

Ensuring Market Stability And Consumer Protection

Alongside tax cuts, the government is monitoring potential increases in consumer costs, including fuel and products that may be considered for zero VAT. President Nikos Christodoulidis said market oversight will be strengthened, with measures aimed at preventing unjustified price increases.

Electricity price is about 26 cents per kilowatt-hour, down 14% compared to the same period in 2025. According to the Public Electricity Company, price increases in the coming months are expected to remain below 5%. Measures are designed to limit inflation pressures and support household costs. Impact will depend on market conditions and implementation.