From January 1, 2024, the rate of contributions to the social insurance fund has increased in Cyprus.

For employees, the total contribution is set at 22.8%:

• 8.8% is paid by the employee (i.e. deducted from his gross salary),
• 8.8% is paid by the employer,
• 5.2% is paid from the budget of the Republic of Cyprus.

For self-employed workers, the total contribution is set at 21.8%:

• 16.65% is paid to the self-employed themselves,
• 5.2% from the budget of the Republic of Cyprus.

For employees who have entered a pension plan without payments to the employee himself, the total contribution is set at 22.8%:

• 4.45% paid by the employee,
• 13.15% by the employer,
• 5.2% from the country’s budget.