Social insurance: 7.8% of covered earnings; for the voluntarily insured, 13% of declared income in Cyprus and 15.6% of covered earnings abroad. The minimum weekly earnings used to calculate contributions are €174.38. The maximum weekly earnings used to calculate contributions are €1,046.
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.
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 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.
How much is national insurance in Cyprus?
National Health Insurance System
|Category||As from 1 March 2019||As from 1 March 2020|
|Income earners (e.g. rents, interests, dividends)||1.70%||2.65%|
What benefits can I get in 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 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
|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 unemployment benefit in Cyprus?
Unemployment Benefit for 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.
How long can you retire in Cyprus?
UK citizens can visit Cyprus for up to 90 days in any 180-day period without a visa¹⁰, but if you want to stay longer you’ll need to apply for a temporary residence permit¹¹. This is also known as a ‘pink slip’.
How many years do you have to work to get full retirement?
Since you can earn 4 credits per year, you need at least 10 years of work that subject to Social Security to become eligible for Social Security retirement benefits.
What is social insurance 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.
How much is income tax in Cyprus?
Personal Tax rates.
|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 are social insurance contributions?
Contributions to Social Insurance
For employees, it is based on their individual earnings in covered employment. The OASDI rate is 6.2% of covered wages up to the taxable wage base, or cap, which is $132,900 in 2019. The HI rate is 1.45% of covered wages with no wage cap.
How do I go self employed in Cyprus?
Self-employment in Cyprus
Go to the Department of Labour and register your company name. In the same building, you can register for Social Insurance and get a Social Insurance Number. Next, use the name registration document and Soc.