Employee Benefits in Cyprus 2021

The social security system in Cyprus is comprehensive and covers all gainfully employed and self-employed people. The state, employers, and employees are the main participants in the social security system. The system has evolved and changed significantly during the last few years due to the eurozone debt crisis and the resultant contraction of the Cypriot economy. Cyprus accessed a EUR10.0 billion (US$11.42 billion) bailout program from the European Commission, European Central Bank, and the International Monetary Fund (IMF) (collectively known as the Troika) in 2013 to correct the economic imbalance.

The report provides in-depth industry analysis, information, and insights of the employee benefits in Cyprus, including an overview of the state and compulsory benefits in Cyprus, detailed information about the private benefits in Cyprus, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Cyprus.

Key Highlights

– Every individual gainfully employed in Cyprus receives benefits under statutory social security schemes

– The prime source of funds for these schemes is the social insurance fund, which is funded by contributions from employees, employers, and the government

– the social insurance scheme is also voluntarily available to individuals who intend to continue their compulsory social insurance benefits after their termination or individuals who work abroad for Cypriot employers

– Pillar II includes voluntary schemes such as, voluntary provident funds, occupational collective arrangements and occupational retirement provisions

Scope

This report provides a detailed analysis of employee benefits in Cyprus –

– It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits

– It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, long-term care benefits, leave and private benefits

– It highlights the economic and regulatory situations relating to employee benefits in Cyprus

Reasons to buy

– Make strategic decisions using in-depth information related to employee benefits in Cyprus

– Assess Cyprus's employee benefits market, including state and compulsory benefits and private benefits

– Gain insights into the key employee benefit schemes offered by private employers in Cyprus

– Gain insights into key organizations governing Cyprus's employee benefits, and their impact on companies

Table of Contents

Table of Contents

1. Executive Summary

2. Introduction

2.1 What is this Report about?

2.2 Definitions

3. Country Statistics

4. Overview of Employee Benefits in Cyprus

5. Regulations

6. State and Compulsory Benefits

6.1 Retirement Benefits

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.2 Death in Service

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.3 Long-Term Disability Benefits

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.4 Short-Term Sickness Benefits

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.5 Medical Benefits

– Introduction

– Eligibility

– Benefits

– Payment Options

– Contribution

6.6 Workers’ Compensation insurance

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.7 Maternity and Paternity Benefits

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.8 Other Benefits

– Family Benefits

– Unemployment Benefits

– Long-Term Care Benefits

– Minimum Resource Benefits

– Leaves and Holidays

7. Private Benefits

7.1 Retirement Benefits

7.2 Death Benefits

7.3 Medical Benefits

7.4 Disability Benefits

7.5 Accidental and Dismemberment Benefits

7.6 Other Benefits

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List of Tables

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Cyprus – Country Statistics

Table 3: Cyprus – Minimum Monthly Pension Amount, 2021

Table 4: Cyprus – Monthly Basic Pension Amount, 2021

Table 5: Cyprus – Upper-Income Limits for Social Insurance Contributions (EUR), 2021

Table 6: Cyprus – Contribution Rates to Social Insurance Fund for Employed Persons Until 2039

Table 7: Cyprus – Contribution Rates to Social Insurance Fund When Employees Covered Under Occupational Pension Schemes Until 2039

Table 8: Cyprus – Contribution Rates to Social Insurance Fund for Self-Employed Persons Until 2039

Table 9: Cyprus – Contribution Rates to Social Insurance Fund Until 2039 for Voluntary (Home) Contributors

Table 10: Cyprus – Contribution Rates to the Social Insurance Fund until 2039 for Voluntary Contributors Working Abroad

Table 11: Cyprus – Co-Payments Rates for Different Healthcare Services

Table 12: Cyprus – Rates for Different Outpatient Healthcare Services

Table 13: Cyprus -Lump-Sum Disablement Grant Benefit for Permanent Incapacity

Table 14: Cyprus – Child Benefit Payable Based on Household Income

Table 15: Cyprus – Fixed National and Public Holidays 2021

List of Figures

List of Figures

Figure 1: Cyprus – Main Institutions of Social Security System

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