Here is our latest news from Fairfax Yeaman Cyprus
Here is our latest news from Fairfax Yeaman Cyprus
End of the suspension period for the increased contribution to the General Healthcare System (GHS)
Fairfax wishes to kindly remind all employers as from 1 July 2020, the suspension of the increase in the contributions to the National Health Insurance System (NHIS), ends.
The collection of the contributions for the first stage started on 1 March 2019. For the complete implementation of the NHIS, contributions started on 1 March 2020, however, due to government measures for supporting the economy during COVID-19, the increase of contribution was deferred by 3 months (up to 1 July 2020) and therefore ceases to apply.
The House of Representatives have clarified in the event where businesses/employers have already proceeded in the implementation of the reduced rates for March 2020, the 3-month period applies from 1 March 2020 to 31st May 2020 for those businesses/employers only. In the event where the reduced rates have not been applied for March 2020, the 3-month period applies from 1 April 2020 to 30 June 2020.
Specifically, as of 1st July 2020, employers will contribute 2.90% on the employee’s earnings, and the employees will contribute 2.65% The employer is responsible for paying both their own and their employees’ contributions through Social Insurance or Income Tax Office Services, depending on the nature of income, by means of deductions from their salary
How can we help?
Fairfax and its dedicated personnel are at your service to assist you in adjusting to the new changes introduced by the authorities.
For more information call +35725558025 or email accounts@fairfaxyeaman.com
