by twinkle » Fri Mar 30, 2007 3:34 pm
SOCIAL INSURANCE
Regulated in Cyprus by the Social Insurance Laws of 1980-1995
Operated by the State
Covers all employed and self employed persons except foreign employees of international companies registered in Cyprus. Foreigners who are employed by Cypriot companies are covered by the Social Insurance Scheme.
Contribution payable is 16.6% of employee’s insurance able earnings.
6.3% is paid by the employee, 6.3% by the employer and 4% by the Social Insurance Fund.
(Up to an earnings maximum of £1,495 per month. Gross earnings are taken into account.)
Self employed contribution payable is 15.6% of self employed insurable earnings. 11.6% paid by the self employed and 4% by the Social Insurance Fund.
Notional incomes are taken into account, unless the person can prove they earn lower than the notional rate for their occupation.
Voluntary contributions can be made – in the case of non employed persons - 13.5% insurable income, 10% by voluntary contributor and 3.5% by the state.
Benefits of cover include:
Maternity allowance
Sickness benefit
Unemployment benefit
Old age pension
Invalidity pension
Widow’s pension
Orphan’s benefit
Missing persons allowance (relevant to those missing since the Turkish invasion of 1974 and for whom there is no positive information as to their whereabouts.)
Marriage grant
Maternity grant
Funeral grant
Benefits for employment accidents and occupational diseases i.e. injury benefit, disablement benefit and death benefit
Self employed persons are not entitled to benefits for employment accidents and occupational diseases or Unemployment benefit.
Voluntary contributors are not entitled to Maternity Sickness Unemployment Invalidity Benefits for employment accidents
Apart from Marriage grant, Maternity grant and Funeral grant all benefits are made up from two parts, the basic benefit and supplementary benefit.
Basic benefit is assessed on earnings up to £70.83 per week (I think these have changed since I drafted this for work) and supplementary benefit on earnings of between £70.83 and £425.00 per week.
In addition, there is free medical treatment for victims of employment accidents and occupational disease and for invalidity pensioners.
All of these benefits are payable outside of Cyprus except for Maternity, unemployment, sickness and injury benefit
Non Nationals have the same rights as Nationals to this scheme
Contributions are paid into the Social Insurance Fund from here benefits and administrative expenses and taken from the Social Insurance Scheme.
The scheme covers compulsorily every person occupied in Cyprus either as an employee or self employed.