Actuarial Review and Support Services

The project supports the Ministry of Labour and Social Insurance (the “MLSI”) in increasing its capacity for strengthening the governance and financing of national social security systems to ensure their sustainability. It includes the conduct of the Actuarial Review of the General Social Insurance Scheme (the “GSIS”) as of 31 December 2023, primarily aimed to assess its current and future financial position under no policy change scenario, as well as other GSIS statutory actuarial tasks to comply with social insurance law; the conduct of actuarial assessments for evaluating proposed amendments in social insurance legislation with respect to the GSIS and other social insurance funds, with a primary focus on securing social sustainability in the most efficient manner; the provision of social protection advisory services and conduct of actuarial assessments and other analyses to evaluate national policy objectives as well as comply with EU requirements; and the provision of capacity building activities in order to support evidence-based decision making on social protection policies and Social Insurance Services (the “SIS”) strategic management.

Project symbol

CYP/25/01/CYP

Admin unit

SOC/ASU

Start date

16/06/2025

End date

16/12/2027

Total allocation

363641

Total expenditure

Status

Active

137262

Development Partners

Cyprus, Ministry of Labour and Social Insurance

Country/Countries

Cyprus

Outcomes

Outcome 7: Universal social protection