Social insurance contributions 2024

In accordance with the Cyprus social insurance law the contribution rates to the social insurance are increased as from 1 January 2024 as follows: -

1. Employees and employer - the contribution rates to the social insurance for both the employees and the employer are increased from 8,3% to 8,8% on the insurable earnings.
2. Self-employed persons - the contribution rates to the social insurance are increased from 15,6% to 16,6% on insurable earnings.

For the year 2024 the maximum amount of insurable earnings has been revised to €1.209 per week, or €5.239 per month, with a maximum yearly total of €62.868.