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Social Insurance Services of Cyprus announced that the annual maximum insurable amount for 2023 is increased to €60.060 from €58.080,  and also for monthly paid employees to €5.005 per month from €4.840 and for weekly paid employees from €1.155 per week to €1.117.


Below we summarize the Social Insurance contribution for the current year:

Contributions

Employee

Employer

Self-Employed

Social Insurance Contributions

8,3%

8,3%

15,6%

Social Cohesion Fund*

 

2,0%

 

Redundancy Fund

 

1,2%

 

Industrial Training Fund

 

0,5%

 

Holiday Fund (if not exempt)

 

8,0%

 



*Note that Social Cohesion Fund has no maximum.
 
You can contact Globalserve Accounting and Social Insurance Departments for more information and clarification needed on the above to This email address is being protected from spambots. You need JavaScript enabled to view it.


  Globalserve Consultants Ltd, an authorized corporate and accounting provider in Cyprus can assist and advise you on the above, Should you require any additional information please contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. or call at 00357 25 817181.

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CYPRUS TAX CALENDAR AND TAX BOOKLET 2022