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Social Insurance Contributions

Social Insurance Contributions

 

Social insurance and other contributions are calculated at the following rates on employee’s gross weekly/monthly emoluments.

 

Percentage of Earnings

Fund

Employer

Employee

Self employed

Social Insurance fund

7.8%

7.8%

14,6%

Redundancy fund

1.2%

-

-

Training Development fund

0.5%

-

-

Social Cohesion fund

2.0%

-

-

Holiday Fund (If is not exempt)

8%

-

-

TOTAL

11.5%

7.8%

14,6%

 

 

Limits

The following are the upper limits on employee’s gross emoluments:

 

 

Per week

Per month

Per annum

 

Weekly employees

1.046

 

54.392

Monthly employees

 

4.533

54.396

 

Deadline for contribution payments

 

For Employers

 

Paid monthly

Not later than the end of the calendar month following the month that the contributions relate

For Self Employed

 

Paid quarterly:

-       January – March

-       April – June

-       July – September

-       October - December

10th day following the end of the month following the end of each quarter

 

 

 

 

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Office Locations

Head office

2 Christ. Sozos Str. Eiffel Tower, 1096 Nicosia, Cyprus
P.O.Box 21855, 1514 Nicosia, Cyprus

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District  offices

Limassol / Lemesos
Paphos / Pafos