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	6,3	1,2	0,5
Employee	6,3	-	-
Self employed	11,6	-	-

Upper limits for employees

	per week from 1/1/2008 €	per month €	per annum €
Weekly employees	885	-	46.020
Monthly employees	-	3.836	46.032

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.