Employee Benefits in Cyprus 2021

Employee Benefits in Cyprus 2021

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 EUR10.0 billion (US$11.42 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 HighlightsEvery individual gainfully employed in Cyprus receives benefits under statutory social security schemesThe prime source of funds for these schemes is the social insurance fund, which is funded by contributions from employees, employers, and the government the social insurance scheme is also voluntarily available to individuals who intend to continue their compulsory social insurance benefits after their termination or individuals who work abroad for Cypriot employers Pillar II includes voluntary schemes such as, voluntary provident funds, occupational collective arrangements and occupational retirement provisionsScope

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 benefitsIt 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, leave and private benefitsIt highlights the economic and regulatory situations relating to employee benefits in CyprusReasons to BuyMake strategic decisions using in-depth information related to employee benefits in CyprusAssess Cyprus's employee benefits market, including state and compulsory benefits and private benefitsGain insights into the key employee benefit schemes offered by private employers in CyprusGain insights into key organizations governing Cyprus's employee benefits, and their impact on companies