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Minister to beef up sports subsidy for retiring officials

Finance Minister Harris Georgiades is looking to swell the state subsidy of the Cyprus Sports Organisation (CSO) so that three former officials can take home in €100,000 in early retirement money.

The planned move is expected to cause controversy given the current economic climate around Cyprus with state services having moved to slash budgets in almost every sector.

MPs are expected to challenge the move in parliament next week.

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Georgiades had approved the move to increase the state subsidy for the CSO budget from €31.3million to €31.6m so that three officials could take voluntary early retirement. They will return home €100,000 richer after being approved for the CSO’s ‘Voluntary Early Retirement Scheme’.

Funding for the specific scheme is provided from the CSO or the Education Ministry – the relevant authority for sport in Cyprus. If funding cannot be obtained from either of the two, then the Finance Ministry is requested to hand over the money.

The matter will be discussed at the House Finance Committee on Monday.

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One comment

  1. And this is why Cyprus always performs so badly in International competitions, all the money goes to the “Officials”. This is disgusting! I hope the MP’s put a stop to this gross waste of money!