As a strong supporter of welfare benefits and nationalization, AKEL successfully put into practice several social measures to support the economic welfare of Cypriots during the late-2000s financial crisis, such as increasing low pensions by 30% and strengthening the welfare benefits given to university students to €12 million per year. Overall, €1.2 billion were spent on welfare benefits during the first three years that AKEL was in power, with various improvements made in social welfare provision. The party is now in opposition following the 2013 election. The party's candidate was defeated in the 2018 presidential election against the incumbent president.