Peer review for the Actuarial Valuation of the Cyprus Social Insurance Scheme as of 2009 and Validation of actuarial valuation of the new Income Support Scheme for low-income pensioners

The ILO and the Government of Cyprus have been engaged in a long-standing technical collaboration for many decades since the start of the Social Insurance Scheme in Cyprus. Over time, the Social Insurance Services of the MOLSI has developed in-house capacities in the area of actuarial practice. Whilst the ILO conducted prior actuarial reviews of the Social Insurance Scheme, the last actuarial valuation as of 2006 was conducted by the Social Insurance Services with assistance from the ILO Social Security Department to validate the work done. The present project focuses on providing peer review services in relation to the 2009 actuarial valuation of the Cyprus Social Insurance Scheme and technical assistance services towards the design of the new Income Support Scheme for low-income pensioners.

Project symbol

CYP/10/01/CYP

Admin unit

SEC/SOC

Start date

01/10/2010

End date

31/12/2013

Total allocation

64295

Total expenditure

Status

Closed

58072

Development Partners

Cyprus, Ministry of Labour and Social Insurance

Country/Countries

Cyprus

Outcomes

Social Security