Increasing the amount of the social contribution from the beginning of 2024

From January 1, 2024, the rate of contributions to the social insurance fund has increased in Cyprus.

For employees, the total contribution is set at 22.8%:

• 8.8% is paid by the employee (i.e. deducted from his gross salary),
• 8.8% is paid by the employer,
• 5.2% is paid from the budget of the Republic of Cyprus.

For self-employed workers, the total contribution is set at 21.8%:

• 16.65% is paid to the self-employed themselves,
• 5.2% from the budget of the Republic of Cyprus.

For employees who have entered a pension plan without payments to the employee himself, the total contribution is set at 22.8%:

• 4.45% paid by the employee,
• 13.15% by the employer,
• 5.2% from the country’s budget.