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The Labor law in Cyprus: an overview

The Labor law in Cyprus: an overview. Current rate of unemployment in Cyprus: 2012 9.30% (2011 6.5%) Current rate of unemployment for young people: 2012 25.80% (2011 18%) Current rate of unemployment for the ‘over 55 ’: 2012 28% (2011 ….%). The Labor law in Cyprus: an overview.

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The Labor law in Cyprus: an overview

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  1. The Labor law in Cyprus: an overview Current rate of unemployment in Cyprus: 2012 9.30% (2011 6.5%) Current rate of unemployment for young people: 2012 25.80% (2011 18%) Current rate of unemployment for the ‘over 55’: 2012 28% (2011 ….%)

  2. The Labor law in Cyprus: an overview • The minimum gross wage in Cyprus is currently at €924. • In the Banking sector it is currently at: - €1,104.00 for high school leavers and - €1,213.00 for University graduates

  3. The Labor law in Cyprus: an overview • Cyprus has ratified all the ILO Fundamental Human Labour Rights Conventions. • Apart from the Fundamental Human Labour Rights Conventions Cyprus has also ratified a substantial number of other Labour Conventions

  4. Cyprus Government scheme for employing young individuals • The Cyprus Government is providing incentive schemes, co-financed with the European Social Fund. • The scheme covers 60% of the yearly wage cost • Maximum amount of €7.200 per person per semester. • The subsidy is granted only for the first 6 months of employment

  5. Cyprus Government scheme for employing young individuals • The total budget of the scheme amounts to €8 million • Covers the period up to 30 June 2014. • From 2009 the Ministry of Labour and Social Insurance introduced three schemes resulting in 3,500 individuals getting employed. • Additional schemes of the Human Resources Development Authority helped to employ another 5,000 individuals in various sectors of the economy.

  6. Cyprus Pension Scheme • Retirement age is currently at 65 • A minimum of 10 years of full Social Insurance contributions is required • Early retirement pensions can be enjoyed without reduction in benefits by the age of 63 under certain conditions

  7. Pension Benefits (i) • A basic pension and • A supplementary pension based on the level of gross insurable earnings • The total annual insurable earning of every insured person is divided into two bands: • A lower band (€170.88 per week for 2012) and • an upper band ((€1,025 - €170.88) per week or €4,442 per month for 2012 (six times the threshold of the lower band).

  8. Pension Benefits (ii) • Insured persons are credited each year with “social insurance units” • To qualify for the benefit, an individual must have paid contributions for at least 15 years of which 10 years must be funded (10 basic band units).

  9. Pension Benefits (iii) • The minimum monthly pension for 2012 with no dependants is €348.60 • The maximum monthly pension for 2012 is approximately €1,600 depending on the upper band contributions

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