- Deductions
Deductions are divided into the following subcategories:
Compulsory Deductions
Social Insurance Fund,
Widows and Orphans Fund,
Income tax,
Deductions for repaying debts to the University of Cyprus.
Optional Deductions
Complementary Health Scheme,
Trade Union Membership,
Contribution to the Students' Welfare Fund,
Sports Center Membership.
2.1 Compulsory Deductions
2.1 Social Insurance
As of April 1st, 2009 the contibution of permanent and temporary staff is 3.45% and 6.8% respectively on insurable amount which is reviewed usually every year.
The maximum insurable income in force since January 2011 is € 4.342 per month.
An additional contribution of 10.15% for permanent staff or 6.8% for temporary staff is credited to the employee account by the University of Cyprus (as the employer) anda further 4.3% is contibuted by the Goverment of Cyprus.
The difference of 3.35% (6.8% - 3.45%) contributed by the temporary staff is returned to them in case their employment status changes to permanent.
In case an employee with a permanent status completes 400 months of service, his/ her contribution is increased to 6.8%.
2.1.2 Widows and Orphans Fund
The contribution rate is 0.75% of insurable earnings up to the maximum insurable amount and 1.75% on the earnings above that up to the total salary. When an employee completes 400 monthly contributions to the fund then his contribution stops. Any temporary employee who changes status to permanent can irrevocably choose to submit his/her contributions for the duration of his/her contributions for the duration of his/her temporary employment.
2.1.3 Income Tax
2.1.4 Deduction for repayment of debts due to the University of Cyprus (eg: car, loan etc.)
2.2 Optional Deductions
2.2.1 Complementary Health Scheme
2.2.2 Trade Union Membership
2.2.3 Students' Welfare Fund
2.2.4 Sports Center Membership
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