Ex ministers opt for €50,000 sum, and reduced pension

THE SIX ministers who recently stepped down from office will receive a lump sum of €50,000 and a reduced pension for their service to the government.

The six, who include former ministers of Defence Costas Papacostas, Foreign Affairs Marcos Kyprianou, Commerce Antonis Paschalides, Education Andreas Demetriou, Finance Charilaos Stavrakis and Health Christos Patsalides, opted for the tax-free payout and reduced pension over a full pension as was their legal right.

The money will come from the Finance Ministry’s Treasury Department and was calculated on the term served by the six which almost amounted to 42 months. Had the ministers served less than 30 months the lump sum would have been significantly lower, according to reports.

Based on the Treasury’s calculations the ministers will receive a lump sum in the region of €50,000 and on their 60th birthdays will begin receiving a monthly pension of €890.

For the time being the two ministers eligible for a state pension include Papacostas and Demetriou, while Paschalides will receive his as of next year.

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