Pension from Northern Cyprus

Casablanca


Joined: 16/09/2008
Posts: 32

Message Posted:
08/10/2008 13:37

In North Cyprus you can 'retire' at the ripe old age of 55!... having lived here for MANY years...and having contributed to the TRNC Social security 'system'... I now get a monthly pension of 1200ytl...about £500. Great! Thats better than the UK system that you contribute to all your working life, and 10 years sooner unless you take early retirement of course!



Also, you get a retirement card for free Health treatment. If you carry on working after 55, then you draw the pension and top up your contributons until you finally retire, so you get a little more. So for those who contribute for at least 15 years or more... prior to being 55, you will get at least the 'minimum wage' equivelant.



As regards the Provident Fund... you will get all your 5% 'deposit' money as a lump sum. All indexed linked... so very worthwhile.



Thanks TRNC...its been very worthwhile contributing.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
08/10/2008 15:46

Casablanca, what were your monthly contributions to the TRNC pension 'scheme' - were they a percentage of your salary?

jock1



Joined: 06/01/2008
Posts: 3786

Message Posted:
08/10/2008 15:59

Casablanca you must be loaded, how are you fixed..................

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
08/10/2008 16:03

Do you also get free transport?

Casablanca


Joined: 16/09/2008
Posts: 32

Message Posted:
08/10/2008 17:04

Hi there...as regards contributions most employers pay based on minimum salary...irrespective of what what you earn. So the current minimum declarable rate is 1200tyl then 10% goes for the Social Insurance, hence the pro rata rate you get at the end of the day..pay more...get more..its as simple as that! A very fair way I think.



As regards free transport... unless you dial 112...No!



To Jock1..if i was loaded... I wouldn't still be working!!!!



Thanks.

jock1



Joined: 06/01/2008
Posts: 3786

Message Posted:
08/10/2008 18:42

got to ask,all the best casablanca...................

Casablanca


Joined: 16/09/2008
Posts: 32

Message Posted:
08/10/2008 23:52

oh forgot to mention..if you dont draw the lump sum from he provident fund then it accumulates with interest plus it remains indexed linked, and remember if ever you leave here before it matures...you are still able to get the 5% deposit back before you departure!

Casablanca


Joined: 16/09/2008
Posts: 32

Message Posted:
09/10/2008 11:07

and of course...its only available for those who pay, have permits and are legal!!!

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
09/10/2008 11:19

I knew there was a catch!

Kantara


Joined: 28/05/2007
Posts: 661

Message Posted:
09/10/2008 11:27

Hello Casablanca..



is the age of 55 for retirement the same for man or woman?



Kind regards

Kantara

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
09/10/2008 11:42

Thats a good question Kantara.

Casablanca


Joined: 16/09/2008
Posts: 32

Message Posted:
09/10/2008 12:45

YES IT IS AS FAR AS I AM AWARE...IF YOU GO TO THE KYRENIA SOCIAL OFFICE AND ASK FOR HAYRIYE SHE WILL HELP YOU.