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Employee Benefits in Cyprus

  • October 2014
  • -
  • Timetric
  • -
  • 64 pages

Synopsis
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
- The regulatory framework and recent regulations relating to Cypriot employee benefits



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 billion (US$13.5 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. According to the May 2014 review of the Troika bailout program, a modest economic recovery is expected in 2015.

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 benefits, long-term disability benefits, short-term sickness, medical benefits, workmen’s compensation, maternity and paternity benefits, family benefits, unemployment, minimum resources, annual vacations, long-term care insurance 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 Cypriot employee benefits
- Assess the Cypriot 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 regulations governing Cypriot employee benefits, and their impact on companies

Key Highlights
- In Cyprus social insurance scheme benefits are grouped into three broad categories: grants, benefits and pensions
- Self-employed persons are not entitled to unemployment, industrial accident and occupational disease benefits
- In addition to the statutory benefits, some employers also offer other benefits to employees as an incentive for good performance

Table Of Contents

Employee Benefits in Cyprus
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
6.6 Workmen's Compensation
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
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
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 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices (US$)
8.1.3 GDP at current prices (US$)
8.1.4 GDP per capita at current prices (US$)
8.1.5 GDP by key sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-EUR
8.1.8 Unemployment rate
8.1.9 Gross national disposable income
8.2 Demographics
8.2.1 Total population
8.2.2 Labor force
8.2.3 Urban and rural populations
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Definitions
Table 2: Cyprus - Country Statistics
Table 3: Cyprus - Upper Income Limits for Social Insurance Contributions (EUR), 2014
Table 4: Cyprus - Contribution Rates to Social Insurance Fund for Employed Until 2039
Table 5: Cyprus - Contribution Rates to Social Insurance Fund for Self-Employed Until 2039
Table 6: Cyprus - Contribution Rates to Social Insurance Fund Until 2039 for Voluntary
Table 7: Cyprus - Contribution Rates to the Social Insurance Fund until 2039 for Voluntary
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 Allowance under GMI

List of Figures
Figure 1: The Five Pillars of the Cypriot Social Security System
Figure 2: Cypriot GDP at Constant Prices (US$ Billion), 2008-2012
Figure 3: Cypriot GDP per Capita at Constant Prices (US$), 2008-2012
Figure 4: Cypriot GDP at Current Prices (US$ Billion), 2008-2012
Figure 5: Cypriot GDP Per Capita at Current Prices (US$), 2008-2012
Figure 6: Cypriot GDP by Key Sectors (%), 2008-2012
Figure 7: Cypriot Inflation Rate (%), 2008-2012
Figure 8: Cypriot Annual Average Exchange Rate US$-EUR, 2008-2012
Figure 9: Cypriot Unemployment Rate (%), 2008-2012
Figure 10: Cypriot Gross National Disposable Income (US$ Billion), 2008-2011
Figure 11: Cypriot Total Population (Million), 2008-2012
Figure 12: Cypriot Size of Labor Force (Million), 2008-2012
Figure 13: Cypriot Urban and Rural Populations (%), 2008-2012

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