The minimum pension in Cyprus is €445 per month.
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According to current legislation in Cyprus, the minimum pension for individuals who have retired and have paid a minimum of 15 years of contributions is €445 per month. This amount may be increased based on the number of years of contribution, the individual’s marital status, and other factors.
In Cyprus, the pension system is based on a pay-as-you-go system where contributions from current workers are used to pay the pensions of current retirees. The system is facing challenges due to a growing number of retirees and a shrinking workforce.
As a result, there have been discussions about potential reforms to the pension system in Cyprus. One proposal includes raising the retirement age and increasing the minimum number of years of contributions required to qualify for a pension.
According to a report by the Organisation for Economic Co-operation and Development (OECD), the current minimum pension in Cyprus is below the poverty line, which is defined as 60% of median income. The report recommends increasing the minimum pension to reduce poverty among retirees.
In the words of former U.S. President Franklin D. Roosevelt, “The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.”
Below is a table summarizing the current minimum pension in Cyprus based on marital status and years of contributions:
| Years of Contributions | Single | Married |
|---|---|---|
| 15 | €445 | €381 |
| 20 | €476 | €407 |
| 25 | €536 | €458 |
| 30 | €627 | €535 |
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The minimum pension in Cyprus is €359 per month. However, the average monthly pension in Cyprus is €900, while the minimum is about €400 and the maximum pension does not exceed €1,700.
What is 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.
In particular, according to Eurostat, Cyprus have one of the lowest pension levels in Europe. In Cyprus the average monthly pension is 900 Euro, the minimum is about 400 Euro and the maximum pension does not exceed 1,700 Euro.
More interesting questions on the issue
Similarly one may ask, Who has the right to receive a pension in Cyprus?
Answer will be: Any person, regardless of their citizenship and country of origin, who has officially worked in Cyprus for at least 13 years and who has made all the necessary contributions to social insurance funds, has the right to receive a pension in Cyprus.
Beside this, What is the retirement age in Cyprus?
The established retirement age in Cyprus is 65 years. At the same time, starting from 2023, the retirement age will increase by six months every year until it reaches 67 years.
Correspondingly, Who is eligible for voluntary insurance in Cyprus? Vol-untary insurance is allowed to persons who wish to continue insurance after a prescribed period of compulsory insurance or to persons who work abroad in the service of Cypriot employers. Every employee in Cyprus is compulsorily insured under the Social Insurance Scheme.
Additionally, Which companies will manage the insurance pension savings in Cyprus?
As a response to this: The Government of Cyprus intends to fully adapt the legislation of the republic to the provisions of European legislation. The largest international investment companies (for example, Goldman Sachs, Pimco, Vanguard, JP Morgan, BlackRock, etc.) will manage the insurance pension savings.
How much is a pension in Cyprus? In reply to that: In particular, according to Eurostat, Cyprus have one of the lowest pension levels in Europe. In Cyprus the average monthly pension is 900 Euro, the minimum is about 400 Euro and the maximum pension does not exceed 1,700 Euro. Therefore, a combination of public and private pension insurance schemes can become an undeniable solution for each of us.
Who is eligible for voluntary insurance in Cyprus?
Vol-untary insurance is allowed to persons who wish to continue insurance after a prescribed period of compulsory insurance or to persons who work abroad in the service of Cypriot employers. Every employee in Cyprus is compulsorily insured under the Social Insurance Scheme.
Herein, Which companies will manage the insurance pension savings in Cyprus? Response to this: The Government of Cyprus intends to fully adapt the legislation of the republic to the provisions of European legislation. The largest international investment companies (for example, Goldman Sachs, Pimco, Vanguard, JP Morgan, BlackRock, etc.) will manage the insurance pension savings.
In this manner, What if I become unemployed in Cyprus?
Response will be: If you become unemployed in Cyprus and you claim for unemployment benefit the Social Insurance Services will take into account your periods of insurance in any other EU Member State in case that is necessary to acquire entitlement to this benefit.