Breadcrumb

Law N° 193(I) of 2012 amending Laws N° 59(I), 114(I) and 126(I) of 2010 and 2(I), 37(I) and 170(I) of 2012 on Social Security (Amendment N°4).

Country(ies)

Cyprus

Subjects (Classification)

Social security (general standards)

Adopted on (Date of text)

2012-12-21

Scope of text

National

Type of legislation (Type of text)

Law, Act

Abstract/Citation

The Law introduces amendments to the following articles of the Laws N° 59(I), 114(I) and 126(I) of 2010 and 2(I), 37(I) and 170(I) of 2012 on Social Security:
- article 2, concerning the readjustment of the retirement age;
- article 5, concerning the amount of contributions incumbent upon employees, employers and the Permanent Fund of the Republic for the period of 2014 to 2039;
- article 6, concerning the amount of the insurable earnings for the period of 2014 to 2039;
- article 12, concerning the amount of due contributions for the contributions years 2014 to 2039;
- article 15, concerning the amount of due contributions incumbent upon the insured persons and the Permanent Fund of the Republic for the contributions years 2014 to 2039;
- and article 27, concerning the abolishment of the marriage benefit.
It furthers adds new article 35A introducing a reduction in the old age benefit. It amends article 62 by excluding the insured employed spouse from the dependent person status. It suspends the application of article 77 from 1st January 2013 to 31st December 2016. It further amends:
- Index III concerning the time of insurance coverage for the period of 2013 to 2017;
- Index IV, concerning the readjustment of the pregnancy allowance, the funeral grant, the old age benefit, the invalidity benefit and the survivors benefit and their due amount for the period of 7th January 2013 to 1st January 2017;
- and Index V, concerning the extension of the present adjustment to cover the insured wife, as well as the due amount of the benefits for the period of 7th January 2013 to 1st January 2017.