Linked projects

• CYP/19/01/CYP - Peer Review of the Actuarial Valuation of the General Social Insurance Scheme as at 31 December 2017, including provision of the necessary modifications to the existing actuarial modelling framework,
• CYP/18/01/CYP - Technical collaboration with the HIO for the development of a health actuarial model, the actuarial valuations of the GHS and capacity building of HIO staff on actuarial valuation studies.
• CYP/21/01/CYP - Actuarial support to the Cyprus Statistical Service for the national accounts statistical disclosure and to the Treasury for the public sector accounting standard disclosure

Outcome summary

Outcome achieved

The Cyprus Statistical Service and the Treasury enhanced their statistical system and successfully finalised the required national accounts statistics disclosure and the public sector accounting standard disclosure on pensions’ entitlement in social insurance in March 2021. National accounts statistics disclosure are published on the Eurostat website. The publication of these data improves the transparency of publicly available information on the pension system in Cyprus.

ILO's contribution to the outcome

The ILO supported the national accounts statistical disclosure with respect to the pension benefits under the GSIS for the year ended 31 December 2018 in accordance with the requirements of Table 29 of Regulation 549/2013 of the European System of Accounts (ESA 2020). The ILO further prepared an actuarial note, in accordance with the relevant international actuarial standards and principles, covering the methodological aspects of reporting GSIS pension obligations and the long-term financial sustainability of the GSIS as well as providing comparison between Table 29 (closed group) and the Ageing Working Group (open-group) results using a balance sheet approach. The ILO supported the public sector accounting standard disclosure with respect to the pension benefits under the GSIS for the accounting years ended 31 December 2019 and 2020, in accordance with the national accounting policy, which is based on the provisions of the International Public Sector Accounting Standards (IPSAS) 42 “Social Benefits”.

SDG

Goals

• End poverty in all its forms everywhere

Targets

• 1.3 Implement nationally appropriate social protection systems and measures for all, including floors, and by 2030 achieve substantial coverage of the poor and the vulnerable