With effect as of the 1st of January 2024 and In accordance with the Cyprus Social Insurance Law of 59(I)/2010, as amended, the contribution rates to the Social Insurance Fund, has increased as follows:

Social insurance contributions applicable to employees effective 1st January 2024
The Department of Social Insurance Services stipulates the maximum annual amount earnings for the purpose of calculating the contributions to the Social Insurance, Redundancy, Training and Development Funds.
Based on an announcement made by the Social Insurance Services Department,on the 29th of November 2023, the maximum amount of insurable earnings for the year 2024 has been set to €1.209 per week or €5.239 per month or €62.868 per annum.

It is noted that contributions to the Social Cohesion Fund are calculated on actual earnings, and it is not subject to the above caps.
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.
The rate of 8.8% applies for both employee and the employer as from 1 January 2024 and for the next five years.

A table below illustrates the relevant rates in regards to the contributions:
YEAR                  EMPLOYEE             EMPLOYER
2019-2023                 8,3%                          8,3%
2024-2028                  8,8%                         8,8%
2029- 2033                 9,3%                         9,3%
2034-2038                  9,8%                         9,8%
2039+                          10,3%                       10,3%

In regards to the self-employed persons, the rate will increase from 15,6% to 16,6% in 2024, and thereafter an increase of 1% will take place every five years until the rate reaches 19,6% as from the 1st of January in 2039.