Further to our previous communication dated June 14th, 2023, regarding the upcoming increase in contribution rates to the Social Insurance Fund, the Cyprus Employers & Industrialists Federation (OEB) notes the following:
The percentage increase to the contribution rates set in the law has not been confirmed as necessary by the Actuarial Study carried out by the Ministry of Labour & Social Insurance. Instead, the Study showed that the percentage increase required is less than what was originally inserted in the law by 0.1%.
Therefore, as of January 1st 2024, both employer and employee contributions on insurable earnings to the Social Insurance Fund, will increase by 0.5% (instead of 0.6%), i.e. from the current 8.3% to 8.8% on both sides (instead of 8.9 %).
For further clarifications, members can contact OEB’s Industrial Relations & Social Policy Department at 22643000.
