Cyprus, Bulgaria agree on social insurance coordination

Cyprus and Bulgaria signed here Tuesday an agreement providing for the coordination of their social insurance systems.

The agreement provides for equal treatment of citizens of both countries regarding social insurance, based on their national law and the regularization of the insurance of people working in both countries.

Visiting Bulgarian Deputy Prime Minister and Minister of Foreign Affairs Ivailo Georgiev Kalfin and Cypriot Minister of Labor and Social Insurance Christos Taliadoros signed the agreement.

The two sides praised that the agreement will provide a series of social benefits for citizens of both countries and will contribute to the enhancement of their traditionally friendly relations.

Taliadoros said that "in the last years we have had a remarkable contribution of workers from Bulgaria to the economic development of Cyprus. A great number of Bulgarians work in our country."

Kalfin praised that "this agreement offers equal conditions to employees coming from Bulgaria to Cyprus," though "for the time being, we do not have enough Cypriots working in Bulgaria".

Through the agreement, steps are taken to upgrade and liberalize the labor market in both countries, a development which is in the interest of the business and the people, he added.

Source: Xinhua