Keravnos Draws Salary and Pension, Sparks Debate on Ethics

The Conundrum of Multiple Pensions in Political Leadership

In a surprising revelation, Finance Minister Makis Keravnos has been found to be receiving both a pension from his previous term and a salary in his current tenure. This situation, as reported by Fanis Makrides, highlights the complexities and paradoxes within our legislative framework. Keravnos, who served as Finance Minister under the Tassos Papadopoulos administration, continues to draw a pension alongside his active ministerial compensation. This duality is not an oversight but is enshrined in existing laws.

What adds layers to this scenario is Keravnos’s participation in discussions aimed at reforming the very system that allows for such dual benefits. The legislative proposals in question aim to replace multiple pensions with lump-sum gratuities, sparking debate over the transparency and fairness of such arrangements.

When confronted with inquiries about this apparent contradiction, Keravnos cited legal advice from the Law Office and a court ruling that seemingly endorse the status quo. Despite expressing personal disagreement with receiving both a pension and a salary, he has not renounced the pension, citing legal obligations.

This issue is not isolated to Keravnos. Other political figures have made different choices under similar circumstances. Marios Garoyian, Yannakis Omirou, Nikos Anastasiades, and Ioannis Kasoulides all opted out of receiving multiple pensions or salaries, demonstrating that there are indeed alternatives to accepting dual benefits.

From a broader perspective, the matter raises questions about the moral implications of such legal provisions. While the legality of multiple pensions for government officials is clear, the ethical dimension is contentious. The public discourse now questions why some leaders choose to forgo extra financial benefits while others do not, especially when many citizens face financial hardships.

The debate over multiple pensions underscores a need for legislative reform that aligns with societal values of fairness and equality. It is a call for clarity and moral consistency in how we compensate our public servants and a reminder that legality does not always equate to ethicality.

Finance Minister Makis Keravnos receives both a pension as a former Finance Minister and a salary as the incumbent, which is allowed by relevant legislation
To provide an expert response, please supply the question or topic youd like addressed for inclusion in a business publication.
Send a request and get a free consultation:

Business Cyprus News, Dive Deeper: Understanding the Engagement Agreement

August 2025
Cyprus Economic Growth Indicator Stable in June Amid Lease Trends
The year-over-year growth rate of the Cyprus Composite Leading Economic Index remained stable in June. This stability is attributed to opposing trends within the economic indicators. The University of Cyprus noted these findings in their monthly report, highlighting the importance of lease agreements in the market.
Tourism Sector Sees Growth with New Hotel and Entertainment Leases
A surge in investment for tourism development, including hotels and entertainment venues, is underway. Efforts focus on upgrading staff, food, and service quality. Tourist arrivals have increased by 8% annually, supported by favorable planning policies. Leasing opportunities are also expanding.
Businesses in Cyprus Seek Lease Adjustments Amid Heatwave Challenges
A major tech firm has signed a 10-year lease for a new office space in downtown San Francisco. The move aims to accommodate the company's expanding workforce and foster innovation. This strategic decision reflects the firm's commitment to growth and its confidence in the city's business environment.

No results found.

Thanks for the apply!
We will get back to you within 1 business day
You can schedule a call time at your convenience now:
In the meantime, you can get a free consultation
with our AI-assistant