Social insurance contributions for 2024

Published on: December 06, 2023

Increase of social insurance fund contribution rates effective 1st January 2024

In accordance with the Cyprus Social Insurance Law of 59(I)/2010, as amended, the contribution rates to the Social Insurance Fund will increase as follows, effective 1st January 2024:

In the case of employed persons, the contribution rates to the Social Insurance Fund by both the employer and the employee will increase from 8,3% to 8,8% on insurable earnings.
In the case of self-employed persons, the contribution rate to the Social Insurance Fund will increase from 15,6% to 16,6% on insurable earnings.

Social insurance contributions applicable to employees effective 1st January 2024

The Department of Social Insurance Services lays down yearly the maximum amount of earnings used for the purpose of calculating the contributions to the Social Insurance, Redundancy, Training and Development Funds.

Based on an announcement issued on 29/11/2023 by the Social Insurance Services Department, the maximum amount of insurable earnings for 2024 has been revised upwards from the previous year to €1.209 per week, €5.239 per month and €62.868 per annum.

It is noted that contributions to the Social Cohesion Fund are calculated on actual earnings, not subject to the above caps.

Social insurance contributions applicable to self-employed persons effective 1st January 2024

The contribution rate of self-employed persons for 2024 will increase to 16,6% on insurable earnings.

Minimum insurable earnings by occupational category
The table which summarises the minimum applicable insurable earnings of self-employed persons for 2024 by occupational category, as issued by the Department of Social Insurance Services, can be accessed here

Amounts of social insurance contributions due for 2024
The table issued by the Department of Social Insurance Services which summarises the amounts of contributions due for each quarter of 2024, based on the minimum weekly insurable earnings of self-employed persons, according to the table referenced in the above immediate section, can be accessed here

Giannis Christou

Managing Partner / Head of Audit and Advisory

Giannis Christou is the Managing Partner and Head of Audit & Advisory at Innoserve, leading the firm since 2020. With extensive experience at KPMG Cyprus, KPMG UK, and in the hedge fund sector, he brings deep expertise in audit, advisory, mergers & acquisitions, and transaction services. Giannis is a Fellow Chartered Accountant (FCA) of the ICAEW and holds a BA in Economics as well as an MSc in Finance & Business Management (Distinction). He is committed to helping clients build stronger, more resilient, and more valuable businesses.