Increase of social insurance fund contribution rates effective 1st January 2024

10 Jan Increase of social insurance fund contribution rates effective 1st January 2024

In accordance with the Cyprus Social Insurance Law of 59(I)/2010, as amended, the contribution rates to the Social Insurance Fund will increase as follows, effective 1^st January 2024:

• In the case of employed persons, the contribution rates to the Social Insurance Fund by both the employer and the employee will increase from 8,3% to 8,8% on insurable earnings.
• In the case of self-employed persons, the contribution rate to the Social Insurance Fund will increase from 15,6% to 16,6% on insurable earnings.

Social insurance contributions applicable to employees effective 1^st January 2024

Based on an announcement issued on 29/11/2023 by the Social Insurance Services Department, the maximum amount of insurable earnings for 2024 has been revised upwards from the previous year to €1.209 per week, €5.239 per month and €62.868 per annum.

It is noted that contributions to the Social Cohesion Fund are calculated on actual earnings, not subject to the above caps.