Cyprus Statutory and Private Employee Benefits (including Social Security) – Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits, 2022 Update

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The Cyprus social security system covers a large proportion of the population and offers a wide range of social benefits and allowances to its people. The Cyprus statutory and private employee benefits research report assesses employee benefits of the market, including state & compulsory benefits and private benefits. It also gives insights into key organizations governing the employee benefits market, and their impact on companies.

Country Overview

Cyprus’s estimated Nominal GDP stood at $23.80 billion in 2020. The Republic of Cyprus currently comprises two separately administered regions: the southern part of Cyprus has a Greek majority while the northern part has declared its independence and is identified as the Turkish Republic of Northern Cyprus (TRNC).

Social Security System in Cyprus

Cyprus’ social security system is broadly classified based on the source of funding and administration into General Social Insurance Scheme (GSIS), social welfare schemes, Schemes under the Grants and Benefits Service, and occupational pension schemes.

General Social Insurance Scheme (GSIS): The scheme is financed by contributions from employers, the insured, and the state. The funds provide compulsory insurance benefits for unemployment, sickness, retirement, invalidity, accidents, and occupational diseases.

Social welfare schemes: These are schemes financed by the government for the benefit of low-income individuals or households, who do not have sufficient means of support or income. These are primarily funded by taxes.

Main Institutions of the Social Security System in Cyprus

The major institutions that supervise and govern the Cyprus social security system are the Department of Social Insurance Services, The Social Welfare Services Department, the Department for Social Integration of People with Disabilities, the Ministry of Finance, and the Ministry of Health.

State and Compulsory Benefits in Cyprus

State benefits are granted by the government of a particular country to all its employed, self-employed, and unemployed residents, as well as their dependents. Compulsory benefits are provided to employees by their employers and are mandated by law. The benefits that form a part of the state and compulsory benefits in Cyprus are retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, medical benefits, workers’ compensation insurance, maternity & paternity benefits, and other benefits.

Retirement Benefits: Retirement benefits in Cyprus are governed by the Social Insurance (Benefit) Regulations, the Social Insurance (Contribution) Regulations, and Social Insurance Law.

Short-Term Sickness Benefits: Sickness benefits in Cyprus are governed by the Social Insurance (Benefit) Regulations, the Social Insurance (Contribution) Regulations, and Social Insurance Law. It is a compulsory insurance scheme financed by the contributions made by employees, employers, and self-employed individuals and provides earnings-related pensions and benefits to survivors based on contributions and the duration of affiliation of the deceased individual.

Medical Benefits: The General Healthcare System (GHS) is a mandatory universal scheme. The Health Insurance Organization is responsible for the implementation of the GHS.

Private Employee Benefits in Cyprus

The key employee benefit schemes offered by private employers in the country are retirement benefits, death benefits, medical benefits, disability benefits, accidental death & dismemberment benefits, and other benefits.

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Cyprus Statutory and Private Employee Benefits Report Overview

Nominal GDP (2020) $23.80 Billion
Social Security System General Social Insurance Scheme (GSIS), social welfare schemes, Schemes under the Grants and Benefits Service, and occupational pension schemes
Main Institutions of the Social Security System Cyprus social security system are the Department of Social Insurance Services, The Social Welfare Services Department, the Department for Social Integration of People with Disabilities, the Ministry of Finance and the Ministry of Health
State and Compulsory Benefits Retirement Benefits, Death in Service, Long-Term Disability Benefits, Short-Term Sickness Benefits, Medical Benefits, Workers’ Compensation Insurance, Maternity & Paternity Benefits, and Other Benefits
Private Employee Benefits Retirement Benefits, Death Benefits, Medical Benefits, Disability Benefits, Accidental Death & Dismemberment Benefits, and Other Benefits

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, family benefits, leaves and holidays 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 the country
  • Assess employee benefits of the market, including state and compulsory benefits and private benefits
  • Gain insights into the key employee benefit schemes offered by private employers in the country
  • Gain insights into key organizations governing employee benefits market, 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 Resources Benefits

– Leaves and Holidays

7. Private Benefits

7.1 Retirement Benefits

7.2 Death Benefits

7.3 Disability Benefits

7.4 Medical Benefits

7.5 Accidental and Dismemberment Benefits

7.6 Other Benefits

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Table

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Cyprus – Country Statistics, 2020

Table 3: Cyprus – Minimum Monthly Pension Amount, 2022

Table 4: Cyprus – Monthly Basic Pension Amount, 2021

Table 5: Cyprus – Upper-Income Limits for Social Insurance Contributions (EUR), 2022

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 – Notice period 2022

Table 16: Cyprus – Fixed National and Public Holidays 2022

Figures

List of Figures

Figure 1: Cyprus – Main Institutions of Social Security System

Frequently asked questions

  • What is the nominal GDP of Cyprus?

    The benefits that form a part of the state and compulsory benefits in Cyprus are retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, medical benefits, workers’ compensation insurance, maternity & paternity benefits, and other benefits.

  • What are the types of employee social security systems in Cyprus?

    Cyprus’ social security system is broadly classified based on the source of funding and administration into the General Social Insurance Scheme (GSIS), social welfare schemes, Schemes under the Grants and Benefits Service, and occupational pension schemes.

  • What are the major institutions that supervise and govern Cyprus’s social security system?

    The major institutions that supervise and govern the Cyprus social security system are the Department of Social Insurance Services, The Social Welfare Services Department, the Department for Social Integration of People with Disabilities, the Ministry of Finance, and the Ministry of Health.

  • What state and compulsory benefits are given to employees in Cyprus?

    The benefits that form a part of the state and compulsory benefits in Cyprus are retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, medical benefits, workers’ compensation insurance, maternity & paternity benefits, and other benefits.

  • What are the private employee benefit schemes in Cyprus?

    The key employee benefit schemes offered by private employers in the country are retirement benefits, death benefits, medical benefits, disability benefits, accidental death & dismemberment benefits, and other benefits.

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