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Social Security Contributions

Social Security Contributions are payable by employees employer and self-employed persons on the basic of their insurance earnings. The current rates and upper limits are listed below.

Contributions

  Social insurance Redundancy fund Industrial Training
  % % %
       
Employer 7,8* 1,2 0,5
       
Employee 7,8* - -
       
Self employed 14,6** - -

Upper limits for employees
  per week from 1/1/2014
  per month

per annum

       
Weekly employees 1.046 - 54.392
       
Monthly employees - 4.533 54.396

Social Cohesion Fund

Every employer 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.

Emoluments

“Emoluments” do not include the emoluments of a non- Cypriot who is employed by an overseas government or an international organisation or a company that owns a Cyprus ship or a ship management company.

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.

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.