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In 2014, the Cyprus Guaranteed Minimum Income and Social Benefits Law was passed to replace the previous Public Assistance and Service Law. It covers all EU citizens and also long-term residents with legal status, and its main intention is to shelter those with higher risk of poverty and to guarantee the recipients with basic standard of living.
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Minister Began Ended Polykarpos Yiorkatzis: 5 May, 1960 15 August, 1960 Tassos Papadopoulos: 16 August, 1960 24 June, 1970 Andreas Mavrommatis: 1 July, 1970
Health care in Cyprus accounted for 7% of its GDP in 2014. [1] Between 2010 and 2014, health care spending increased from $1,705 per capita to $2,062 per capita. [ 2 ] [ 3 ] Cyprus has a multi-payer health care system that consists of a public and private sector. [ 2 ]
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Full funding is a desirable goal for private pension plans as well, but is often not achieved. Social insurance programs are often not fully funded, and some argue that full funding is not economically desirable. [17] Most international systems of social insurance are funded on an ongoing basis without reference to future liabilities.
The Health Insurance Organisation is a state agency which runs the healthcare system in Cyprus. It manages a budget of €1 billion which pays for the Gesy system. It negotiates with the Cyprus Medical Association .