The persons who paid social insurance contributions in Cyprus and reached the pensionable age but do not satisfy the conditions for the old age pension, are entitled to a lump-sum payment at the age of 68. The old age lump-sum payment is 15% of the total amount of their insurable earnings (paid and assimilated). The old age lump-sum is not payable to applicants who are entitled to social pension.

Who Can Benefit of the Old Age Lump-Sum?

The qualifying conditions for old age lump-sum payment are:

For the period between 6 October 1980 and 3 January 2010 the claimant must:

  • have paid or assimilated contributions for at least 156 weeks (3 years);
  • have paid or assimilated contributions up to the age of 68 equal to at least 156 times the weekly amount of the basic insurable earnings* (3 insurance points);

If the period of work and paid contributions included 4 January 2010 to 2 January 2011 the claimant must:

  • have paid or assimilated contributions for at least 208 weeks (4 years);
  • have paid or assimilated contributions up to the age of 68 equal to at least 208 times the weekly amount of the basic insurable earnings* (4 insurance points);

If the period of work and paid contributions included 3 January 2011 to 1 January 2012 the claimant must:

  • have paid or assimilated contributions for at least 260 weeks (5 years);
  • have paid or assimilated contributions up to the age of 68 equal to at least 260 times the weekly amount of the basic insurable earnings* (5 insurance points);

If the period of work and paid contributions included 2 January 2012 to date, the claimant must:

  • have paid or assimilated contributions for at least 312 weeks (6 years);
  • have paid or assimilated contributions up to the age of 68 equal to at least 312 times the weekly amount of the basic insurable earnings* (6 insurance points).

*The weekly amount of basic insurable earnings is €174.38. The benefits are adjusted in January and July each year according to changes in wages and prices.

How to Apply for Old Age Lump-Sum?

To apply for lump-sum benefit follow the same procedure as applying for old age pension. Applications must be submitted to the local Social Insurance Services Office within three months from the date of entitlement.

Countries where a person has paid pension contributions share a proportional responsibility for paying the old age lump-sum benefit, according to the period of employment. If the applicant worked in different countries, the pension must be claimed through the last EU country where the contributions were paid. The applicant should mention all the other countries where she / he used to work. EU citizens whose pension rights are not recognised aboard should contact the European Assistance Services here.