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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, 2

Publisher GlobalData
Published Jun 30, 2022
Length 50 Pages
SKU # GBDT17423898

Description

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

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 eurozone debt crisis and the resultant contraction of the Cypriot economy. Cyprus accessed a EUR10 billion ($11.82 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
  • The Department of Social Insurance Services, Social Welfare Services Department, and Department for Social Integration of People with Disabilities organizations are responsible for the functioning of the overall social security system.
  • A person’s national insurance contribution is determined based on their income.
  • 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 occupational pension schemes, master trust and automatic enrollment.
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, minimum resources 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

50 Pages
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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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
List of Figures
Figure 1: Cyprus - Main Institutions of Social Security System

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