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Cyprus (534) > Old-age, invalidity and survivors benefit (22)

Name: Law N 216(I) of 2012 concerning the Retirement Benefits of Employees in the Broader Public Sector, including the Local Authorities (Provisions of General Implementation).
Country: Cyprus
Subject(s): Old-age, invalidity and survivors benefit; Public and civil servants
Type of legislation: Law, Act
Adopted on: 2012-12-28
Entry into force:
Published on: Epissimi Efimeris , 2012-12-28, Part I(I), N 4374, pp. 2364-2390
ISN: CYP-2012-L-100106
Link: https://www.ilo.org/dyn/natlex/natlex4.detail?p_isn=100106&p_lang=en
Bibliography: Epissimi Efimeris , 2012-12-28, Part I(I), N 4374, pp. 2364-2390
Text in Greek Text in Greek Tipografio Kipriakis Dimokratias, Nicosia, Cyprus, pp. 2364-2390 PDF of Official Gazette in Greek PDF of Official Gazette in Greek (consulted on 2015-10-10)
Abstract/Citation: The present Law repeals and replaces the Laws N 113(I) and 191(I) of 2011 on the Retirement Benefits of Public Servants and Employees in the Broader Public Sector, including the Local Authorities.
Article 2 provides for the definition of the following terms: "actuarial reduction", "actuarial conversion", "deductions", "teacher", "Republic", "Broader Public Sector", "European Union", "position", "medical officers", "professor", "Regulation N 31 (EEC), 11 (EAEC) of 1962", "Public Service", "governmental pension scheme", "Police member", "new entrants to employment", "pertinent Law or Regulations", "periodical contributions", "pensionary emoluments", "retirement benefits", "pensionary", "pension scheme similar to the governmental one" and "employee".
Article 3 defines the purpose and the scope of application of the present Law.
Article 4 regulates the procedure of deduction from the monthly pensionary emoluments, whose amount is equal to 3% of the salary.
Article 5 fixes the amount of the periodical contributions.
Article 6 prohibits the refund of the periodical contributions.
Article 7 adjusts the pension rate and fixes the lump sum for the duty time provided before and after the 1st January 2013.
Article 8 introduces taxation for the lump sum and for any bonus gained on duty from the 1st January 2013 onwards.
Article 9 specifies the mandatory retirement age.
Article 10 regulates the voluntary premature retirement.
Article 11 introduces the actuarial reduction in pension.
Article 12 excludes the latest spouse of a deceased retired employee from the survivors' benefit, in case of post-retirement death of the previous spouse, followed by the death of the retired employee.
Article 13 regulates the retirement benefits of the new entrants to employment.
Article 14 repeals and replaces the Laws N 113(I) and 191(I) of 2011 on the Retirement Benefits of Public Servants and Employees in the Broader Public Sector, including the Local Authorities (Provisions of General Implementation).
Article 15, determines the present Law's date of entry into force as of the 1st January 2013.
The Law also provides for the relevant Indexes.
Repealed text(s):
Amending text(s):

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