Cyprus

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Social Pension

Κοινωνική Σύνταξη

Coverage

Persons residing in Cyprus who have reached the standard statutory retirement age and cannot sufficiently cover their necessary subsistence from income and other pension entitlements.

Financing

The scheme is entirely tax-financed out of the ‘Consolidated Fund’ of the Republic of Cyprus.

Administration

Department of Social Insurance Services (under the control and supervision of the Ministry of Labour, Welfare and Social Insurance) controls and manages the ‘Social Insurance Fund’.

Qualifying Conditions

Individual claimants must have reached the standard statutory retirement age.
The individual must have legally resided in Cyprus for a total period of at least 20 years (from age 40 onwards), or 35 years (from age 18 onwards).
Benefits are means-tested: the person must not be entitled to any pension or other similar payment that is equal to or exceeds the monthly amount of the social pension.
Beneficiaries of the social pension are deprived of their right to the social pension if they obtain, from any source, a right to a pension or other similar payment that is equal to or greater than the amount of the social pension; or if they are the dependants of a pensioner whose pension benefit supplement (due to dependants living in the household) is equal to or greater than the amount of the social pension.

Benefits

The monthly amount equals 81% of the amount of the ‘basic pension’ of the statutory pension scheme paid by the ‘Social Insurance Fund’ to a person entitled to a statutory pension without dependants.
The monthly amount of the social pension for the year 2020 was set at EUR 341.95.
In December of each year a 13th monthly social pension benefit is paid (equal to 1/12 of the pension paid throughout the whole year).
If a person is entitled to any source of pension or other similar payment of which the monthly amount is less than the monthly amount of the social pension, the monthly amount of the social pension shall be equal to the difference of the two pensions.
Benefit payments are suspended if the beneficiary leaves Cyprus for a period exceeding six months (exception: health reasons).
Pension benefits are not subject to tax.

Coverage

Financing

Administration

Qualifying Conditions

Benefits

Persons residing in Cyprus who have reached the standard statutory retirement age and cannot sufficiently cover their necessary subsistence from income and other pension entitlements.

The scheme is entirely tax-financed out of the ‘Consolidated Fund’ of the Republic of Cyprus.

Department of Social Insurance Services (under the control and supervision of the Ministry of Labour, Welfare and Social Insurance) controls and manages the ‘Social Insurance Fund’.

Individual claimants must have reached the standard statutory retirement age.
The individual must have legally resided in Cyprus for a total period of at least 20 years (from age 40 onwards), or 35 years (from age 18 onwards).
Benefits are means-tested: the person must not be entitled to any pension or other similar payment that is equal to or exceeds the monthly amount of the social pension.
Beneficiaries of the social pension are deprived of their right to the social pension if they obtain, from any source, a right to a pension or other similar payment that is equal to or greater than the amount of the social pension; or if they are the dependants of a pensioner whose pension benefit supplement (due to dependants living in the household) is equal to or greater than the amount of the social pension.

The monthly amount equals 81% of the amount of the ‘basic pension’ of the statutory pension scheme paid by the ‘Social Insurance Fund’ to a person entitled to a statutory pension without dependants.
The monthly amount of the social pension for the year 2020 was set at EUR 341.95.
In December of each year a 13th monthly social pension benefit is paid (equal to 1/12 of the pension paid throughout the whole year).
If a person is entitled to any source of pension or other similar payment of which the monthly amount is less than the monthly amount of the social pension, the monthly amount of the social pension shall be equal to the difference of the two pensions.
Benefit payments are suspended if the beneficiary leaves Cyprus for a period exceeding six months (exception: health reasons).
Pension benefits are not subject to tax.

Legal Basis: The Provision of Social Pension Law of 1995 (Ο Περί Χορήγησης Κοινωνικής Σύνταξης Νόμος του 1995 (Ν. 25(Ι)/1995)).

Scheme for Supporting Pensioners’ Households with Low Income

Σχέδιο Ενίσχυσης Συνταξιούχων με Χαμηλά Εισοδήματα

Coverage

Pensioners’ households with low income.

Financing

The contributions are paid via centralised transfers from the state budget.

Administration

Ministry of Labour, Welfare and Social Insurance.

Qualifying Conditions

Households whose total annual income is below the poverty threshold and who reside in areas under the control of the Republic, with at least one pensioner, regardless of the person’s age, and regardless of whether the person receives a pension from the ‘Social Insurance Fund’, and/or a social pension, and/or a pension from an occupational pension plan applicable in Cyprus.

Benefits

Monetary benefit, the amount of which is decided by the Council of Ministers and is based on the total amount of the income and the number of persons living in the household.
The amount is reviewed yearly in accordance with the poverty line.
This benefit is not subject to income tax.

Coverage

Financing

Administration

Qualifying Conditions

Benefits

Pensioners’ households with low income.

The contributions are paid via centralised transfers from the state budget.

Ministry of Labour, Welfare and Social Insurance.

Households whose total annual income is below the poverty threshold and who reside in areas under the control of the Republic, with at least one pensioner, regardless of the person’s age, and regardless of whether the person receives a pension from the ‘Social Insurance Fund’, and/or a social pension, and/or a pension from an occupational pension plan applicable in Cyprus.

Monetary benefit, the amount of which is decided by the Council of Ministers and is based on the total amount of the income and the number of persons living in the household.
The amount is reviewed yearly in accordance with the poverty line.
This benefit is not subject to income tax.

Legal Basis: Decisions of the Council of Ministers based on the Guaranteed Minimum Income and Social Benefits Law (Law 109(I)/2014) (Ο Περί Ελάχιστου Εγγυημένου Εισοδήματος και Γενικότερα περί Κοινωνικών Παροχών Νόμος του 2014 (109(Ι)/2014)); most recent decision: Council of Ministers, Scheme for Supporting Pensioners’ Households with Low Income, Decision No. 86.665, 23/1/2019 (Σχέδιο Ενίσχυσης Συνταξιούχων με Χαμηλά Εισοδήματα, Αρ. Απόφασης 86.665, 23/1/2019).

Easter Allowance

Πασχαλινό Επίδομα

Coverage

Pensioners with low income.

Financing

The contributions are paid via centralised transfers from the state budget.

Administration

Ministry of Labour, Welfare and Social Insurance.

Qualifying Conditions

Persons must qualify for the scheme for supporting pensioners’ households with low income.
Benefits are means-tested based on the yearly decisions of the Council of Ministers, usually including an income criterion: annual incomes must not exceed EUR 6,500 for single-person households and EUR 11,000 for two-person households.

Benefits

Monetary benefit provided yearly during Easter time, the amount of which is decided by the Council of Ministers and is based on the number of persons living in the household (usually EUR 190 per pensioner).

Coverage

Financing

Administration

Qualifying Conditions

Benefits

Pensioners with low income.

The contributions are paid via centralised transfers from the state budget.

Ministry of Labour, Welfare and Social Insurance.

Persons must qualify for the scheme for supporting pensioners’ households with low income.
Benefits are means-tested based on the yearly decisions of the Council of Ministers, usually including an income criterion: annual incomes must not exceed EUR 6,500 for single-person households and EUR 11,000 for two-person households.

Monetary benefit provided yearly during Easter time, the amount of which is decided by the Council of Ministers and is based on the number of persons living in the household (usually EUR 190 per pensioner).

Legal Basis: Decisions of the Council of Ministers based on the Guaranteed Minimum Income and Social Benefits Law (Law 109(I)/2014) (Ο Περί Ελάχιστου Εγγυημένου Εισοδήματος και Γενικότερα περί Κοινωνικών Παροχών Νόμος του 2014 (109(Ι)/2014)); most recent decision: Council of Ministers, Provision of Easter Allowance to Pensioners with Low Income for 2019, Decision No. 87.140, 27/3/2019 (Παραχώρηση Πασχαλινού Επιδόματος σε συνταξιούχους με χαμηλά εισοδήματα για το 2019, Αρ. Απόφασης 87.140, 27/3/2019).