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Cyprus Tax – Social Insurance Contributions

 

SOCIAL INSURANCE CONTRIBUTIONS

Rates

Employers, employees and self-employed persons are required to contribute to the following funds:

Percentage of earnings

Fund

Employer

Employee

Self-employed

%

%

%

Social Insurance

7,8

7,8

14,6

Social cohesion fund*

2,0

Redundancy fund

1,2

Industrial Training fund

0,5

___

___

Total

11,5

7,8

14,6

Holiday fund (if not exempted) 8,0 % (The percentage varies depending on the type of activity)

*The amount contributed to social cohesion fund is calculated on the entire emoluments regardless   of the paid social insurance contribution’s maximum level of emoluments.

Notes:

• Level of emoluments subject to social insurance contributions:

Weekly

Monthly

Yearly

Weekly employees

€1.046

€54.392

Monthly employees

€4.533

€54.396

• The minimum amount of emoluments of self employed persons on which social insurance is contributed varies depending on the nature of activity.

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Email: [email protected]

 

Last update: April 2017

The authors expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication.

Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances.

PKF Cyprus firms are member firms of the PKF International Limited network of legally independent firms and do not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.

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