Cyprus: Social insurance contributions for 2023
Maximum amount of insurable earnings for 2023 has been increased from the previous year
Maximum amount of insurable earnings for 2023 has been increased from the previous year
The Social Insurance Services Department in December 2022 issued an announcement that the maximum amount of insurable earnings for 2023 has been increased from the previous year. The new amounts for 2023 are:
- €1,155 per week
- €5,005 per month
- €60,060 per year
Contributions to the social cohesion fund are calculated on actual earnings, not subject to the above caps.
The applicable contribution rates which are payable by employers and employees for 2023 are:
Social insurance contribution rates for 2023 |
|||
Fund |
Employer |
Employee |
|
Social insurance |
8.3% |
8.3% |
C |
Redundancy |
1.2% |
- |
C |
Training and development |
0.5% |
- |
C |
Social cohesion |
2.0% |
- |
NC |
Total |
12% |
8.3% |
|
C = cap at €5,005 /month.,
NC = No cap
The contribution of self-employed persons for 2023 will remain unchanged at 15.6% on insurable earnings.
Read a January 2023 report prepared by the KPMG member firm in Cyprus
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