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Announcement regarding Cyprus Social Insurance Contributions

Cyprus Social Insurance Contributions

Fairfax would like to inform our clients and associates that further to an announcement made by the Social Insurance Services, the maximum level of emoluments for 2023 is set at €60,060, therefore weekly emoluments of €1,155 and monthly emoluments of €5,005.

The rate of contributions remains unchanged and applies to both the Employer and the Employee. The rate is currently 8.3%, which has remained the same since 2019 and will remain the same until 2024, at which point it will then become 8.8% and thereafter will increase by 0.5% every five years until it reaches 10.3% , as from 1 January 2039.

Other Employer’s contributions

The other Contributions that an Employer must pay are highlighted in the table below;

Social Cohesion Fund 2,0*
Redundancy Fund 1,2
Industrial training Fund 0,5
Holiday Fund ( if no exception applies) 8,0

*Social Cohesion Fund has no maximum level and therefore is calculated on total emoluments

All other contributions are capped to the monthly maximum lever as this is adjusted every year by the Social Insurance Services.

The expert team at Fairfax  are available should you require any further information or clarifications on this or any other payroll or contribution issues on or by calling +357 25558025