Summary
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 euro zone debt crisis and the resultant contraction of the Cypriot economy. Cyprus accessed a EUR10.0 billion (US$11.09 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: 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
- According to the Ministry of Labor and Social Insurance Services, the social insurance scheme benefits are grouped into three broad categories: grants, benefits and pensions.
- In addition to the statutory benefits, some employers also offer other benefits to employees as an incentive for good performance.
- The most common non-statutory benefits provided in Cyprus include supplementary pension and private healthcare schemes.
- The current statutory benefits are administered by various divisions of Υπουργείο Εργασίας και Κοινωνικών Ασφαλίσεων (Ministry of Labor, Welfare and Social Insurance).
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.
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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
6.1.1 Introduction
6.1.2 Types of Retirement Plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment Options
6.1.7 Typical employer practice
6.1.8 Employee and employer contributions
6.1.9 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment Options
6.2.5 Typical employer practice
6.2.6 Employee and employer contributions
6.2.7 Taxation
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment Options
6.3.5 Employee and employer contributions
6.3.6 Taxation
6.4 Short-Term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment Options
6.4.5 Typical employer practice
6.4.6 Employee and employer contributions
6.4.7 Taxation
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment Options
6.5.5 Typical employer practice
6.5.6 Employee and employer contributions
6.5.7 Taxation
6.5.8 Recent developments in the Cypriot healthcare system
6.6 Workmen’s Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment Option
6.6.5 Employee and employer contributions
6.6.6 Taxation
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment Options
6.7.5 Employee and employer contributions
6.7.6 Taxation
6.8 Family Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment Options
6.8.5 Employee and employer contributions
6.8.6 Taxation
6.9 Minimum Resources
6.9.1 Eligibility
6.9.2 Benefits
6.9.3 Payment Options
6.1 Annual Vacations
6.10.1 Introduction
6.10.2 Eligibility
6.10.3 Standard practice
6.10.4 Typical employer practice
6.11 Unemployment Benefits
6.11.1 Introduction
6.11.2 Eligibility
6.11.3 Benefits
6.11.4 Payment Options
6.11.5 Employee and employer contributions
6.11.6 Taxation
6.12 Long-term Care Insurance
6.12.1 Introduction
6.12.2 Eligibility
6.12.3 Benefits
6.12.4 Payment Options
6.12.5 Employee and employer contributions
6.12.6 Typical Employer practice
6.12.7 Taxation
7 PRIVATE BENEFITS
7.1 Other Benefits
8 APPENDIX
8.1 Methodology
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalData’s Services
8.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Cyprus - Country Statistics
Table 3: Cyprus - Upper Income Limits for Social Insurance Contributions (EUR)
Table 4: Cyprus - Contribution Rates to Social Insurance Fund for Employed Persons Until 2039
Table 5: Cyprus - Contribution Rates to Social Insurance Fund for Self-Employed Persons Until 2039
Table 6: Cyprus - Contribution Rates to Social Insurance Fund Until 2039 for Voluntary (Home) Contributors
Table 7: Cyprus - Contribution Rates to the Social Insurance Fund until 2039 for Voluntary Contributors Working Abroad
Table 8: Cyprus - Calculation of Lump-Sum Disablement Grant for Permanent Incapacity
Table 9: Cyprus - Child Benefit Payable Based on Household Income
Table 10: Cyprus - Income Excluded in Calculation of GMI Eligibility, Adult
Table 11: Cyprus - Income Excluded in Calculation of GMI Eligibility, Child
Table 12: Cyprus - Maximum Subsidized Rental Allowances under GMI
List of Figures
Figure 1: Cyprus- Main Institutions of Social Security System
