Thousands Seek Relief Under New Social Insurance Debt Settlement Plan

Thousands of Cypriots have applied to join a new government scheme allowing overdue Social Insurance Fund contributions to be repaid in installments, with outstanding liabilities totaling €245 million.

According to Phileleftheros, around 1,500 applications were submitted between mid-May and July 21, while many more people have contacted the authorities for information about the programme.

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Third Debt Settlement Scheme

The repayment plan, which came into effect in May, gives debtors a third opportunity to settle overdue social insurance contributions after similar schemes introduced in 2016 and 2021.

It covers employers with debts accumulated up to February 2026 and self-employed workers with outstanding contributions up to the fourth quarter of 2025. Applications must be submitted electronically through the Ministry of Labour and Social Insurance.

Repayment Conditions

Approved applicants may repay their debts in up to 54 equal monthly installments. Depending on the repayment schedule, reductions in additional charges can reach 27%.

The minimum monthly payment is €25 for debts of up to €500, €50 for debts between €501 and €1,000, and €75 for debts above €1,000. Participants must also continue paying their current social insurance contributions on time to remain eligible for the scheme.

Missed Payments

Applications are reviewed by the relevant authorities, with successful applicants receiving written confirmation of the repayment schedule and monthly installment.

Installments must be paid by the final day of each month. If a payment is missed, debtors may either pay it together with the following installment or spread the outstanding amount across the remaining repayment period.

However, the arrangement is canceled if an installment remains unpaid for more than three months or if current social insurance contributions are not paid on time.

Suspension Of Legal Action

Debtors accepted into the scheme will not face additional surcharges while they remain compliant. Criminal proceedings will not be initiated, while any ongoing cases will be suspended.

Where courts have already approved enforcement measures, execution will also remain suspended for as long as the debtor complies with the repayment arrangement.

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Shein Targets $25 Billion Valuation In Hong Kong IPO As Growth Slows

by News Editor

August 17, 2026

Shein is reportedly targeting a valuation of around $25 billion in its planned Hong Kong IPO, a sharp decline from the nearly $100 billion valuation the online fashion retailer achieved in a 2022 fundraising round.

Two people familiar with the plans said the company was likely to target about $25 billion, while another source put the expected range at $25 billion to $28 billion based on the proposed price band.

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IPO Valuation Falls Sharply

Shein plans to sell up to 8% of its shares in the offering, according to a person familiar with the plans. At a $25 billion valuation, that would translate into an IPO of as much as $2 billion.

The latest target is also below the $30 billion to $40 billion valuation the company was seeking earlier this month as it began meeting with potential investors.

Founded in China in 2012 and now headquartered in Singapore, Shein sells low-cost clothing to consumers in about 160 countries. The company is expected to launch its long-awaited Hong Kong IPO later this week.

Trade Restrictions Weigh On Growth

Shein’s valuation has come under pressure as major markets tighten rules affecting low-cost e-commerce shipments. The European Union, for example, has moved to impose additional fees on cheap parcels from platforms such as Shein and Temu. EU Tightens Rules On Low-Cost E-Commerce Parcels

In the U.S., the removal of an import duty exemption for small packages has also affected the company. Shein reported a $99 million quarterly loss in the first quarter of 2026 as sales growth slowed, while a one-time accounting charge further weighed on its results. Shein Reports First-Quarter Loss Ahead Of IPO

Investors Question Shein’s Growth Prospects

The steep reduction in valuation reflects growing concerns over slower growth, higher trade costs, regulatory pressure and stronger competition across global e-commerce.

Some investors who reviewed Shein’s recent financial statements or attended IPO presentations told Reuters they were skeptical that the company could return to the growth rates that supported its $98.2 billion valuation in 2022. Shein’s Slowing Growth Tests Investor Appetite

A lower IPO valuation could also affect Shein’s existing investors. Under the terms of its IPO filing, the company may have to issue additional shares to certain pre-IPO investors if its valuation falls below agreed thresholds.

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