Giorgos Agapiou2023-12-19T16:35:12+03:00As of 1st January 2024, the Social Insurance Contribution rates for each of the employer and the employee are increased by 0.5% and for self-employed individuals by 1%.
The below table summarizes the contribution rates which are applicable for the tax year 2024:
Employer’s contribution to the Redundancy Fund
Employer’s contribution to the Human Resource Development Authority Fund
Employer’s contribution to the Social Cohesion Fund
Social Cohesion Fund
An employer is liable to pay a social cohesion fund contribution of 2% on the amount of the emoluments of his employees (without any restriction as to the amount of the emoluments).
Maximum limit of emoluments
As of the beginning of 2024 the below maximum amount of emoluments are applicable...
Giorgos Agapiou2023-03-18T08:59:54+03:00This year the maximum insurable amount applicable for social insurance contribution purposes has been increased to €60.060 per annum.
The Social Insurance Contributions for 2023 are summarized above.
Note 1: Social cohesion fund is calculated on total emoluments and has no maximum level.
Note 2: As from 1 January 2023, the maximum amount applicable for Social Insurance contribution purposes has increased to €60.060 p.a. from €58.080, €5.005 per month for monthly paid employees from €4.840 and €1.155 per week for weekly paid employees from €1.117.
Remaining at your disposal should you have any questions.
ACUTE ADVISORY SERVICES TEAM