As per the Social Insurance Law in Cyprus, starting January 1st, 2024, both employer and employee will be required to contribute an additional 0.5% to the Social Insurance Fund.
Therefore, contributions will increase from the current 8.3% to 8.8% on employees’ Insurable earnings.
The rate will thereafter increase by 0,5% every five years, until it reaches 10,3%, as from 1 January 2039.
The rate for self-employed persons will increase from 15,6% to 16,6% in 2024 and thereafter will increase by 1% every five years, until it reaches 19,6%, as from 1 January 2039. The amount of contributions by self-employed persons is subject to a lower and a maximum limit, depending on the profession or trade of the self-employed person
Below a table summarizing the contributions:
| Applicable for | Employee | Employer | Self-employed |
| 2018 | 7,8% | 7,8% | 14,6% |
| 2019-2023 | 8,3% | 8,3% | 15,6% |
| 2024-2028 | 8,8% | 8,8% | 16,6% |
| 2029-2033 | 9,3% | 9,3% | 17,6% |
| 2034-2038 | 9,8% | 9,8% | 18,6% |
| 2039+ | 10,3% | 10,3% | 19,6% |
IBCCS TAX – we are at your disposal.
Please do not hesitate to contact us if you need additional information. We are here to assist you and find the best solution.
For further enquiries, please contact us by email on [email protected] or call our office in Cyprus on +357 222 58 777.
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