How is unemployment benefit calculated in Cyprus?

Unemployment benefits are calculated to be equal to 60% of the average weekly basic earnings that you paid contributions for in the last year. If you have dependants, the benefits are increased to 80%, 90%, and 100% for 1, 2, and 3 dependants respectively.

What benefits can I claim 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.

Can I claim unemployment in Cyprus?

Unemployment benefit is paid to workers or to voluntarily insured people working for a Cypriot employer overseas, 16 to 63, who are unemployed. The limit is extended to 65 if the insured person is not entitled to a statutory pension. The self-employed are not entitled to unemployment benefit.

How is social insurance calculated 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.

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Which country pays the most unemployment benefit?

Austria, Belgium, Denmark, Finland, France, Germany, Iceland, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden and Switzerland provide the most generous unemployment protection systems of all ILO member countries, the report says.

How much is child benefit in Cyprus?

Table Α: Amount of Child Benefit for 2019

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 is the state pension in Cyprus?

The pension rate

The weekly amount of the basic pension equals to 60% of the weekly value of the annual average insurance points which have been credited to the insured person’s basic insurance during the reference period, increased to 80%, 90% or 100% if the beneficiary has one, two or three dependants respectively.

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.

What is the unemployment rate in Cyprus?

In 2020, the unemployment rate in Cyprus was at approximately 7.21 percent. Today, Cyprus has the third-highest unemployment rate of all EU states.

Cyprus: Unemployment rate from 1999 to 2020.

Characteristic Unemployment rate
2020 7.21%
2019 7.07%
2018 8.37%
2017 11.05%

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.

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How much is income tax in Cyprus?

Personal Tax rates.

Taxable Income Rate Amount
Taxable Income €19.501 – €28.000 Rate 20% Amount €1.700
Taxable Income €28.001 – €36.300 Rate 25% Amount €2.075
Taxable Income €36.301 – €60.000 Rate 30% Amount €7.110
Taxable Income €60.000 – €100.000 Rate 35% Amount €14.000

What is Cyprus retirement age?

Since 2014 the retirement age in Cyprus is 65 years for both men and women. Early retirement is penalised with a reduction in the pension for each month until a person reaches the age of 65, and financed with an additional amount for each month for prolonging working life until the age of 68.

What is Social Insurance in Cyprus?

The Social Insurance Scheme covers compulsorily every person gainfully occupied in Cyprus either as an employed person or as a self-employed person. … The Scheme provides cash benefits for marriage, maternity, sickness, unemployment, widowhood, invalidity, orphanhood, old age, death and employment injury.

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