Symptoms
example.com website throws the following error:
Composer detected issues in your platform: Your Composer dependencies require a PHP version ">= 8.0.2".
Cause
example.com uses PHP version lower than 8.0.2 (can be checked on Domains > example.com > PHP Settings page).
Resolution
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Navigate to Domains > example.com > PHP Settings
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Set the PHP version to 8.0 or newer.
Warning: Make sure that the website is compatible with the new PHP version.