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Social Security Fund Set To Eliminate €12 Billion Debt Over Four Decades

Repayment Roadmap

According to a recent actuarial study, Cyprus plans to fully repay the current €12 billion debt owed to the Social Security Fund over a 40-year period between 2026 and 2066. Marinos Mousioumtas presented the long-term repayment framework during a session of the Labor Consultative Body at the Ministry of Labor, where discussions focused on the sustainability and future management of the Fund.

Annual Surpluses And Investment Strategy

During the discussion on the Fund’s investment policy, Mousioumtas confirmed that the long-standing practice of state borrowing from the Social Security Fund will come to an end. Future annual surpluses, estimated at approximately €800 million, are expected to be directed into an investment pool aimed at supporting economic growth while strengthening the Fund’s long-term financial position. At the same time, repayments linked to the outstanding debt are projected to gradually build an asset base that could eventually reach between €50 billion and €60 billion.

Governance And Investment Management

Alongside the repayment strategy, authorities also outlined plans for a new governance structure overseeing the Fund’s investments. Mousioumtas said a new independent entity, modeled on the governance framework used for the hydrocarbon fund, will be established to manage investment decisions in line with European best practices. According to the minister, the objective is to ensure prudent asset management while protecting the Fund from broader economic pressures over the long term.

Debt Reduction And Fiscal Discipline

The repayment framework foresees a gradual reduction of the current debt through annual instalments spread across several decades. Mousioumtas explained that these repayments are expected to correspond to approximately 0.3% of annual GDP, equivalent to around €100 million to €120 million based on current economic conditions. Under this structure, the debt would decline progressively without creating additional fiscal pressure, while annual surpluses would continue supporting the Fund’s financial reserves.

Reforming Pension Policy

Discussions during the session also focused on broader pension reform plans, including the first pillar of the upcoming retirement system overhaul. Mousioumtas clarified the distinction between existing social support policies, often referred to as the “zero pillar,” and the future pension framework that will operate through the Social Security Fund.

The government aims to submit draft pension legislation by early July 2026, before parliamentary discussions begin in September. In the meantime, the Ministry of Labor plans to continue consultations with political parties and other stakeholders throughout the summer ahead of the next meetings of the Labor Consultative Body and its technical committee later this month.

 

Women Make Up A Majority Of The EU’s Science And Technology Workforce But The Real Gap Is Elsewhere

Women now make up the majority of the EU’s science and technology workforce. According to Eurostat, in 2025, more than 81.6 million people aged 15 to 74 were employed in science and technology occupations across the EU. Of those, 52.5% were women, equal to 42.8 million women. The number of women in these occupations rose by 27.9% compared with 2015, an increase of more than 9.3 million over a decade.

On the surface, the numbers resemble progress. However, Eurostat’s category requires context before that figure can be read accurately. The data refers to HRST, or Human Resources in Science and Technology, specifically people employed in science and technology occupations. These are roles where the main tasks require professional or technical knowledge in physical and life sciences, but also in social sciences and humanities. That definition is wider and broader than engineering, ICT, laboratory science, or high-tech research alone.

Zooming In

The gender picture changes once the data moves from a wider definition of the workforce to the narrower scientist-and-engineer (research and manufacturing) subgroup.

Scientists and engineers represented almost a quarter of all people employed in science and technology in the EU in 2025. Eurostat describes scientists and engineers as often being the innovators at the centre of technology-led development, making them an important subgroup to focus on separately.

Women accounted for only 40.8% of scientists and engineers in 2025, despite making up more than half of the wider category. That share has increased by a mere 0.5 percentage points over the past decade. The absolute number of women working as scientists and engineers rose from 5.3 million in 2015 to 8.2 million in 2025, despite the push from national and international organisations to increase the number of women in the field. Europe has expanded the number of women in science and technology occupations over ten years. However, that expansion has not extended equally into the scientist-and-engineer subgroup, where much of Europe’s research and innovation work is conducted.

In 2025, of the 39.4 million women aged 25 to 64 working in science and technology occupations in the EU, 35.5 million worked in service activities. Only 2.7 million worked in manufacturing. Women accounted for 57.5% of science and technology employment in services, but only 31.3% in manufacturing.

In 2025, the highest shares of women employed in science and technology occupations were recorded in Latvia at 62.4%, followed by Hungary’s Great Plain and North region at 61.1%, Estonia at 60.5%, Poland’s Central macroregion at 60.4%, and Lithuania at 60.3%. No EU country recorded a majority of women among science and technology workers in manufacturing.

Break-down

Eurostat’s figures measure employment in broad science and technology occupations. They do not show job security, pay levels, management roles, promotion rates, research leadership, or whether women are concentrated in junior or senior workplace positions.

The classification of “senior” also requires additional explanation. Eurostat reports that 45.9% of science and technology workers aged 25 to 64 in the EU were classified as “senior” HRST in 2025. In this dataset, “senior” refers to workers aged 45 to 64. It does not mean senior manager, senior researcher, team lead, or decision-maker.

A high female share in the wider Human Resource Science and Technology (HRST) category does not parallel equal representation across scientists, engineers, manufacturing roles, senior posts, pay, research funding, or decision-making. These figures also reflect the occupational mix inside each country or region, not only structural progress across all areas of science and technology.

The Case Of Cyprus

Eurostat data places Cyprus’s overall science and technology employment at 37.2% of the labour force in 2025, slightly above the EU-27 figure of 36.9%, and above Greece at 26.8%, Malta at 33.9%, and Turkey at 18.2%. This figure covers the total share of the labour force employed in science and technology across all genders.

Progress Or Work-in-Progress?

52.5% in the broad category. 40.8% among scientists and engineers. 31.3% in manufacturing. Europe’s gender gap in science and technology hasn’t closed yet, and there is still work to be done to encourage and support more women to enter the field, especially in research and manufacturing.

Let’s not wait another decade for another couple of percentage points of hope.

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