From 2009 to 2020, the insolvency fund has received 657 applications. However, 310 of the applications were from 2013 and 2014, and only 84 cases were approved by the end of 2020. It is noteworthy that from 2018 to 2020, the fund has only approved 2 applications. From 2008 to 2019, the fund has made payments to applicants amounting to only €318,342, while the administrative costs amounted to €569,938. The annual surplus of the insolvency fund, from 2008 to 2019, averaged to nearly €14 million annually. In 2015, the fund increased its reserves to approximately €179 million. The fund's reserves at the end of 2017 amounted to €205 million and at the end of 2019 to €237 million.

Employer organisations are from time to time raising the demand to reduce their contribution to the insolvency fund, as the fund has built up huge reserves. Trade unions, nevertheless, consider the legislation as insufficient. They suggest the revision of the current legislation with the view to ease procedures, so as to facilitate more dismissal cases to qualify for consideration by the insolvency fund.

In 2020, the Ministry of Labour, Welfare and Social Insurance has prepared a draft law amending the basic law. The draft law is aiming at extending coverage to employees who had been dismissed prior the declaration of insolvency. However, at the time of dismissal, the bankruptcy procedure on the basis of the bankruptcy law or part V of the companies law had already begun and the employer has been eventually made insolvent. Following the presentation of the draft law in the House of Representatives, trade unions have requested further changes to extend the scope of the law. The Pancyprian Federation of Labour (PEO), for example, requested a written intervention to extend the definition of insolvency to cover following cases:

• when the competent court has issued a declaratory judgment certifying that the employer has ceased economic activity and does not have sufficient means to cover pending wages and salaries of his/her employees;
• when on the basis of an agreement an official receiver has been appointed who has then proceeded to dismissals and the assets of the employer are not sufficient to cover the pending wages and salaries of affected employees; and
• the employer has ceased operations and has no assets or other means to cover the pending wages and salaries of redundant employees.

As of the end of June 2021, it is not clear whether the draft law would include further changes, other than the one initially pursued by the Ministry of Labour, Welfare and Social Insurance. The draft law is still pending in the Labour Committee of the House of Representatives.