As we step into the new year, it’s crucial to stay informed about changes that may impact our financial landscape relating to the updated social insurance contribution rates in Cyprus, effective January 1, 2024.
Contribution Rates:
- Self-employed individuals: 16.6%
- Employer’s contribution: 8.8%
- Employee’s contribution: 8.8%
- Employer’s contribution to Redundancy Fund: 1.2%
- Employer’s contribution to Social Cohesion Fund: 2%
- Employer’s contribution to Human Resource Development Authority Fund: 0.5%
The maximum limit of emoluments is set at €5,239 per month or €62,868 per year.
These adjustments are vital for both employers and employees to ensure compliance and proper financial planning.
