Based on the preliminary results of the Social Insurance Services of the Ministry of Labour, in 2022 pensions were paid to 171,576 beneficiaries, totaling €1.68 billion, compared to €1.54 billion to 164,378 beneficiaries in 2021.
Out of a total of 171,576 pensioners of 2022, 16,445 receive more than one pension, so pensioners total 155,131.
The figures by type of pension are also of interest, with the statutory pension naturally having the lion’s share.
Amounts and beneficiaries per pension
In detail, the 2022 the beneficiaries and the amounts they received were as follows:
- Statutory pension, 131,980 beneficiaries received a total amount of €1.37 billion.
- Widow/death pension, 33,902 beneficiaries received €267.2 million.
- Disability pension, 3,783 beneficiaries received €33.3 million.
- Orphan’s pension, 1,005 beneficiaries received a total of €3.27 million.
- Disability pension, 774 beneficiaries received €4.27 million.
- Missing person’s pension, 132 beneficiaries shared €750 thousand.
The largest monthly amounts for pensions
In relation to the largest monthly amounts paid in pensions, according to the latest available data of Social Insurance Services concerning June 2023, the situation was as follows:
- For a statutory pension with one dependent a monthly amount of €2,848 was paid
- For a widow/death pension with one dependent a monthly amount of 1,901 was paid
- For a disability pension with two dependents and a disability rate of 100%, an amount of €2,476 was paid
- For a disability pension without dependents and with a degree of disability of 100%, a monthly pension of €1,858 was paid.
The minimum monthly pension amounts
On the other side, the minimum monthly pension amounts they range from €395 to €659 per month, depending on the composition of the pensioners’ households.
In particular, the minimum monthly amount of pensions for the period 1/1/2023-31/12/2023, depending on the composition of pensioner households, is as follows:
• Without dependent: €395.80
• With one dependent: €527.73
• With two dependents: €593.70
• With three dependents: €659.67
Additionally, the monthly amount of pensions at the full basic amount ranges from €465.65 to €776.08, depending on the composition of the pensioners’ households.
Beneficiaries of social pensions
Finally, in 2022, the amount of €81.2 million was paid to 16,386 beneficiaries for social pension. The social pension is paid at the age of 65 to permanent residents of Cyprus, after residence:
- 20 years old in Cyprus or a country of the European Union, after the age of 40
- 35 years old in Cyprus or a country of the European Union, after the age of 18.
The social pension amount from January 1, 2023 is €377.18 (per month) for 13 months.