Revised Social Insurance Contribution Rates Starting 1st January 2024
Effective from 1st January 2024, there will be a change in the contribution rates to the Social Insurance Fund, as per the latest amendments in the Cyprus Social Insurance Law (59(I)/2010). These changes are as follows:
- For employed individuals, the contribution rate for both employers and employees to the Social Insurance Fund will see an increase from the current 8.3% to 8.8% of insurable earnings.
- For self-employed individuals, the contribution rate will rise from 15.6% to 16.6% of insurable earnings.
Employee Social Insurance Contributions Effective from 1st January 2024
Annually, the Department of Social Insurance Services sets the maximum earnings limit that is considered for calculating contributions to the Social Insurance, Redundancy, Training, and Development Funds.
As per the announcement by the Social Insurance Services Department on 29th November 2023, the maximum insurable earnings limit for the year 2024 has been increased. The new limits are set at €1,209 weekly, €5,239 monthly, and €62,868 annually, marking an upward revision from the previous year’s figures.
It should be noted that contributions to the Social Cohesion Fund are based on actual earnings and are not bound by these maximum limits.
[/fusion_table]Please refer to the below summary table for the applicable contribution rates which are payable by employers and employees for 2024:
| Fund | Employer | Employee | Capped at: |
|---|---|---|---|
| Social Insurance | 8.8% | 8.8% | €5.239/month |
| Redundancy Fund | 1.2% | €5.239/month | |
| Training and Development | 0.5% | €5.239/month | |
| Social Cohesion | 2.0% | Not capped | |
| Total | 12.5% | 8.8% |
2024 Social Insurance Contribution Details for Self-Employed Individuals
Effective from 1st January 2024, self-employed individuals will see an increased contribution rate to the Social Insurance Fund, which will be 16.6% of their insurable earnings.
Minimum Insurable Earnings by Occupation
For a detailed breakdown of the minimum insurable earnings for self-employed persons across various occupational categories for 2024, as determined by the Department of Social Insurance Services, please refer to this link.
Quarterly Social Insurance Contribution Amounts for 2024
To view the table provided by the Department of Social Insurance Services, detailing the quarterly social insurance contribution amounts for 2024 based on the minimum weekly insurable earnings for self-employed individuals (as outlined in the preceding section), please follow this link.
