Employee Benefits in Cyprus, 2020 Update

Cyprus’s social welfare system provides cover to all residents in the event of disability, old age, death, unemployment, and sickness. The public pension pillar covers individuals in need of assistance. The occupational pillar, which is a compulsory defined-contribution (DC) scheme, was launched in 2000, and the third pillar is a voluntary pension savings scheme. The Social Welfare Department (SWD) administers Cyprus’s non-contributory social security system, which includes the Comprehensive Social Security Assistance (CSSA) scheme, the Social Security Allowance (SSA) scheme, the Criminal and Law Enforcement Injuries Compensation (CLEIC) scheme, the Traffic Accident Victims Assistance (TAVA) scheme, the Support for Self-Reliance (SFS) scheme and Emergency Relief (ER).

The report provides in-depth industry analysis, information and insights of the employee benefits in Cyprus, including: 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

– The Ministry of Labor Welfare and Social Insurance is responsible for the functioning of the overall social security system.
– A person’s national insurance contribution is determined based on their basic insurable earnings.
– An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.
– In Cyprus, employers provide voluntary retirement benefits to their employees through vouluntary provident funds 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, 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.