What are the social security contributions in Cyprus?
Social security covers everyone who lives in Cyprus, whether self-employed or employed. Contributions to the scheme are payable by the insured persons at a rate of 8.3 % for both employer and employee.
The employer has additional contributions of 2 % to the cohesion fund, 1.20 % to the redundancy fund, and 0.5 % to the development and training fund. A self-employed individual should make a maximum or low-limit contribution depending on the venture or profession. As of 2022, the social insurance contributions are charged up to a gross annual salary of 58.080 €.
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| Contribution | Rate | Cap |
|---|---|---|
| Self-employed individuals | 15,6% | 58.080€ |
| Employee | 8,3% | 58.080€ |
| Employer | 8,3% | 58.080€ |
| Redundancy Fund (Employer) | 1,2% | 58.080€ |
| Human Resource Development Authority Fund (Employer) | 0,5% | 58.080€ |
| Social Cohesion Fund (Employer) | 2% | no cap |