Certified Public Accountants / Registered Auditors
Tax Consultants / Certified Financial Consultants
InformationCyprusSocial Insurance Fund
Rates of contribution
Employer % Employee % Self-employed % Notes
Social insurance 7,8 7,8 14,6 1
Holiday Fund 8,0 - - 1, 2
Social Cohesion Fund 2,0 - - 3
Redundancy Fund 1,2 - - -
Industrial Training Fund 0,5 - - -
Notes:
  1. Restricted to the maximum limit
    1. Weekly Employees (€1,046 per week)
    2. Monthly Employees (€4,533 per month)
  2. Being the minimum subject to the industry classification or nil if other acceptable arrangements exist
  3. Social Cohesion Fund
    1. Under this Law every employer, as from 1 January 2003, has an obligation to contribute 2% of the amount of salaries paid to employees, to the social cohesion fund
    2. The amount contributed to the social cohesion fund, is calculated on the aggregate emoluments without restriction or any upper limit
    3. The money will be available for financing the social grants. Its payment will be made together with the social insurance contributions
However, this does not apply to International Business Companies where their employees are not ordinarily residents in the Republic of Cyprus.
Occupational categories and amount of contributions for self-employed
Classificate of self-employed personsWeek salary
Lower limit €Upper limit €
Doctors, pharmacist, specialist in health matters (qualified), accountants, economists, lawyers and other professionals exercising the profession for less than 10 years383.641,046.00
Doctors, pharmacist, specialist in health matters (qualified), accountants, economists, lawyers and other professionals exercising the profession for more than 10 years775.991,046.00
Wholesalers, estate agents, directors (businessmen)775.991,046.00
Professors and teachers for less than 10 years374.921,046.00
Professors and teachers for more than 10 years749.831,046.00
Builders and other related construction industry businesses470.831,046.00
Drivers, excavator and other related professions, technicians, associations in media, machinery users (apart from the construction industry) assemblers of products, writers, typists, cashiers, secretaries and technicians which do not fall in any other category374.921,046.00
Shopkeepers, cleaners, messengers, guards and owners of dry cleaners357.481,046.00
Butchers, bakers, confectioners and similar professions287.731,046.00
Designers, computer users, ship engineers, agents and musicians, magicians, persons that do not fall in any other professional category383.641,046.00
Farmers, stock breeders, aviarists, fishermen, and other related professions, hawkers, postmen, refuse collectors, workers in mines and quarries, marine workers specializing in underwater constructions, installators of forklift equipment, street sweepers and people responsible for the provision of services and salesmen261.571,046.00
Deadline for payment of the contributions by the employers The contributions that the employer is obliged to pay in accordance with the Law, should be paid not later than the end of the calendar month following the month that the contributions relate.
Deadline for payment of contributions by self-employed
Months that the contribution relate Date
January - March10th of following May
April - June10th of following August
July - September10th of following November
October - December10th of following February
Additional fee for late payment of contributions Every Employer or a Self Employed who fails to pay the contributions within the time limit determined in the relevant regulations, is obliged to pay an additional fee in the range of 3% and 27% depending on the period of delay, on the amount of contributions due for payment.
The information contained in this Site has been written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of the contents of this newsletter. AlfaZeda Associates Limited would be pleased to advise readers on how to apply the principles set out in this newsletter to their specific circumstances. AlfaZeda Associates Limited accepts no duty of care or liability for any loss occasioned to any person acting or refraining from action as a result of any material in this newsletter.
Το περιεχόμενο δεν είναι ακόμη διαθέσιμο !
The information contained in this Site has been written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of the contents of this newsletter. AlfaZeda Associates Limited would be pleased to advise readers on how to apply the principles set out in this newsletter to their specific circumstances. AlfaZeda Associates Limited accepts no duty of care or liability for any loss occasioned to any person acting or refraining from action as a result of any material in this newsletter.