Amendment Of The Social Security Act of 2010
Up To (Article.2) Of Act 2022

October 7, 2022 / English News

Article 31 of the Social Insurance Law has been amended as follows:

“A person who has acquired the right to a statutory pension between the sixty-third (63rd) year of age and pensionable age, but who has not exercised the right to receive such a pension, in accordance with the provisions of Article 35A, shall be entitled to sickness benefit for a maximum period of one hundred and fifty-six (156) days within the same period of interruption of employment, provided that it satisfies the relevant insurance conditions and provided that-

(a) immediately prior to the commencement of the period of interruption of employment due to incapacity for work, was engaged in insurable employment which has not been terminated; and

(b) has completed, immediately before the start of that period, at least thirteen (13) consecutive weeks of employment for which he has paid contributions equal to at least the basic insurable earnings multiplied by thirteen (13).”

 

Article 65 of the Social Insurance Law has been amended as follows:

“In the event that an insured person who has reached the age of sixty-three (63) years of age establishes at the same time a right to sickness benefit and a statutory pension and applies for sick pay, based on the provisions of the third reservation of subsection (1) of Article 31, then for the period of interruption of his employment due to illness, he receives sick pay regardless of the amount of the statutory pension for which he has established a right.”.

 

Neoklis Epaminondou

Managing Director and Founder

Neoklis is the Managing Director and Founder of Epaminondou & Co Audit Services Ltd and Arlon Consultancy Ltd, bringing over two decades of experience in accounting, tax advisory, business consultancy, and relocation services. He is a licensed Audit Practitioner, an Approved Compliance Officer, a Payroll Specialist, and an ADIT student. Neoklis is renowned for delivering high-quality tax advisory services, alongside expert business analysis, risk assessment, and business relocation solutions.

In his advisory role, Neoklis has been instrumental in structuring M&A deals, conducting financial due diligence, preparing tax memos, and managing complex tax reporting for both local and international clients. He has also played a key role in assisting businesses with their relocation to Cyprus, leveraging the country’s attractive tax incentives as one of Europe’s leading business hubs.

Neoklis is a Fellow Chartered Certified Accountant (FCCA) and holds a Master’s in Finance and Investments from the University of Exeter. He is an active member of the Association of Chartered Certified Accountants (ACCA) and the Institute of Certified Public Accountants of Cyprus (ICPAC). Additionally, Neoklis is an honorary member of the Cyprus Payroll Association, an approved mediator, and an educational trainer. Recently, he obtained the Approved Compliance Officer Certificate (AML) from AICA and successfully passed the Cyprus tax paper as part of the ADIT Qualification.