Social Insurance
Rates of Contribution
| Employer
% |
Employee
% |
Self-Employed
% |
Notes | |
| Social insurance | 8,3 | 8,3 | 15,6 | 1 |
| Holiday Fund | 8,0 | — | — | 1,2 |
| Social Cohesion Fund | 2,0 | — | — | 3 |
| Redundancy Fund | 1,2 | — | — | — |
| Industrial Training Fund | 0,5 | — | — | — |
Notes :
- Restricted to the maximum limit (As From 04/01/2021)
- Weekly Employees (€ 1.104,00 per week) – (€ 57.408,00 Per Annum)
- Monthly Employees (€ 4.784,00 per month) – (€ 57.408,00 Per Annum)
- Being the minimum subject to the industry classification or nil if other acceptable arrangements exist
- Social Cohesion Fund
- 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.
- The amount contributed to the social cohesion fund, is calculated on the aggregate emoluments without restriction or any upper limit.
- 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 Insurable earnings of Self-Employed for 04/01/2021 to 01/01/2022
|
Occupational Category |
Coefficient of determination of minimu, amount of insurable Earnings (*) |
Minimum Weekly Amount of Insurable Earnings
€ (**) |
|
Medical Doctors , Pharmacist , Health Professionals : Ø Less than 10 years Ø More than 10 years |
2,20 4,45 |
404,71 819,62 |
|
Accountants , Economists , Lawyers and other Professionals : Ø Less than 10 years Ø More than 10 years |
2,20 4,45 |
404,71 819,62 |
|
Directors (Entrepreneurs) , Wholesalers , Estate Agents |
4,45 |
818,62 |
|
Teaching Professionals (University and Higher , Secondary , primary and Pre-primary , Special Education , Teaching Assistants : Ø Less than 10 years Ø More than 10 years |
2,15 4,30 |
395,51 791,03 |
|
Builders and other professions related to construction |
2,70 |
496,69 |
|
Farmers , Diary and Livestock Producers . Poultry Producers , Fishermen and related workers |
1,50 |
275,94 |
|
Drivers , Excavator Operators and related workers |
2,15 |
395,51 |
|
Technicians , Telecommunication Cooperators , Machine Operators not related to Construction Industry and Metal- , Rubber- , Wood- and similar product assemblers |
2,15 |
395,51 |
|
Clerks , Typists , Cashiers , Secretaries |
2,15 |
395,51 |
|
Workers not classified n any other occupational category |
2,15 |
395,51 |
|
Shop Owners / Supervisors (including kiosks , hairdressers , barbers , beauticians) |
2,05 |
377,12 |
|
Butchers , Bakers , Pastry-Cooks , Meat , Diary- , Fruit and tobacco products makers / preservers and related professionals |
1,65 |
303,53 |
|
Street Vendors , Mail Carriers , Garbage Collectors , Mining / Stone labourers , Shipp’s Crews , Undersater Construction Specialists , Riggers and cable Splicers and Sweepers’ Supervisors and SalesPersons |
1,50 |
275,94 |
|
Cleaners , Messengers , Porters , Cleaning Shop Owners |
2,05 |
377,12 |
|
Draughtspersons , Computer Equipment operators , Ships’ Engineers , Agents and related professionals , Musicians , Magicians |
2,20 |
404,71 |
|
Persons not classified in any other occupational category |
2,20 |
404,71 |
|
Notes : Ø * Minimum amount of insurable earnings is equal to basic insurable earnings (€ 183,96) times the coefficient Ø ** The maximum weekly amount of insurable earnings is equal to € 1.104,00 |
||
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 of self employed
January – March
April – June
July – September
October – December
10th of following May
10th of following August
10th of following November
10th 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. PanAudit Konnaris Limited would be pleased to advise readers on how to apply the principles set out in this newsletter to their specific circumstances. PanAudit Konnaris 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.
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Registered office: 25th March Str. no 19, 1st Floor, 2408 Engomi, Nicosia – Cyprus
Address: P.O. Box 25621, 1311 Nicosia – Cyprus
Telephone: +357 22 777802
Fax: +357 22 771469