Key Changes Starting January 2024

In line with the latest amendments to the Cyprus Social Insurance Law (59(I)/2010), significant changes are set to impact both employed and self-employed individuals from 1st January 2024. These changes are essential for employers, employees, and the self-employed to understand, as they will affect financial planning and payroll processes.

For Employed Persons

  • Increased Contribution Rates: Both employers and employees will see their contribution rates to the Social Insurance Fund rise from 8.3% to 8.8% on insurable earnings.

For Self-Employed Persons

  • Rate Hike: The contribution rate for self-employed individuals will increase from 15.6% to 16.6% on insurable earnings.

2024's Social Insurance Contributions for Employees

The Department of Social Insurance Services annually determines the maximum earnings amount for calculating contributions to various funds.

Revised Maximum Insurable Earnings

  • New Limits for 2024: The maximum insurable earnings have been revised upwards to €1,209 weekly, €5,239 monthly, and €62,868 annually.

Contribution Rates Overview

Here's a quick summary of the new contribution rates effective from 2024:


Employer Contribution

Employee Contribution

Social Insurance






Training and Development



Social Cohesion






Special Note on Social Cohesion Fund

  • Contributions to the Social Cohesion Fund are calculated based on actual earnings without considering the maximum insurable earnings mentioned above.

Implications for Self-Employed Individuals in 2024

  • Increased Contribution Rate: Self-employed persons will face a 16.6% contribution rate on insurable earnings for 2024.

Minimum Insurable Earnings

  • Occupational Categories: The Department of Social Insurance Services provides a detailed table summarizing the minimum insurable earnings for self-employed individuals, categorized by occupation.

Contribution Amounts for 2024

  • Quarterly Contributions: A table detailing the contributions due each quarter, based on the minimum weekly insurable earnings for self-employed persons, is available from the Department of Social Insurance Services.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.