How does social insurance work in Cyprus?

In Cyprus there is a general earnings related Social Insurance Scheme, which covers compulsorily, every person gainfully occupied in Cyprus either as employed or self employed person. … The Scheme is financed by earnings related contributions payable by the insured person, the employer and the State.

Do I have to pay social insurance in Cyprus?

Every employee in Cyprus is compulsorily insured under the Social Insurance Scheme. The compulsory insurance falls into two categories: employees and self-employed.

How much is social insurance in Cyprus?

As of 1 January 2019, the employees’ own contribution to the state-administered social insurance fund is 8.3% of their gross remuneration, with a maximum annual cap on insurable emoluments as of 1 January 2021 of EUR 57,408. The rate of 8.3% applies for both employee and the employer up to 31 December 2023.

What does social insurance pay for?

Social Security provides a foundation of income on which workers can build to plan for their retirement. It also provides valuable social insurance protection to workers who become disabled and to families whose breadwinner dies.

IT IS INTERESTING:  Where is Cyprus compared to Greece?

How do I claim benefits in Cyprus?

In order to receive this benefit you must be registered with the Public Employment Service as a job-seeker and sign the unemployment register at the district social insurance office.

What benefits can I get in Cyprus?

Cyprus

  • Family. Child benefit. Maternity benefits.
  • Health. Healthcare. Long-term social care.
  • Incapacity. Benefits for employment accidents and occupational diseases. Sickness benefit. …
  • Old-age and survivors. Statutory pension. …
  • Social assistance. Guaranteed minimum income benefit. …
  • Moving abroad. Aggregation of insured time.

How many years do you have to work in Cyprus to get a pension?

Statutory pension

Miners can receive a pension at the age of 63 provided they have worked in a mine for at least 3 years; and they are entitled to a one-month reduction in the retirement age for every 5-month period they worked in a mine on condition that they are no longer engaged in that activity.

How much does it cost to see a doctor in Cyprus?

Health care in Cyprus is comparable with the cost of medical techniques and treatments in commercial clinics in Moscow and St. Petersburg. For example, a regular visit to the doctor will cost 50 euros, the cost of a one-day stay in hospital (without treatment) is about 150-200 euros.

What is the minimum pension in Cyprus?

She explained that the minimum state pension today is €359 while those on the social pension receive €341. These allowances have been raised for low-income pensioners so, in combination with their pension, no one will receive less than €710 per month.

How much is child benefit in Cyprus?

Table Α: Amount of Child Benefit for 2019

IT IS INTERESTING:  Quick Answer: Which country is bigger Malta or Cyprus?
Annual benefit per child, by the number of children in the family, in €
0 – €19,500.00 482.17 1,060.78
€19,500.01 – €39,000.00 431.42 1,010.02
€39,000.01 – €49,000.00 385.74 771.48
€49,000.01 – €59,000.00 700.42 *

How much Social Security will I get if I make 35000 a year?

Set. Grow. If you have a traditional job making $35,000 a year, you pay 6.2% of your salary or $2,170 annually in Social Security taxes.

How much will I get from Social Security if I make $20 000?

If you earned $20,000 for half a career, then your average monthly earnings will be $833. In this case, your Social Security payment will be a full 90% of that amount, or almost $750 per month, if you retire at full retirement age.

At what age is Social Security no longer taxed?

At 65 to 67, depending on the year of your birth, you are at full retirement age and can get full Social Security retirement benefits tax-free. However, if you’re still working, part of your benefits might be subject to taxation.

Sunny Cyprus