Employee Benefits in Cyprus

Date: 2015-09

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 euro zone debt crisis and the resultant contraction of the Cypriot economy. Cyprus accessed a EUR10 billion (US$13.5 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. According to the May 2014 review of the Troika bailout program, a modest economic recovery is expected in 2015.

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