- Posted January 20, 2016
Social Insurance news 2016
We would like to inform you that the social insurance contribution rates for 2016 are as follows:
| Social Insurance contributions for 2016 | ||
|---|---|---|
| Fund | Employer | Employee |
| Social insurance | 7,8% | 7,8% |
| Redundancy | 1,2% | n/a |
| Trading and development | 0,5% | n/a |
| Social Cohesion | 2,0% | n/a |
| Total | 11,5% | 7,8% |
For 2016, the maximum amount of insurable earnings has remained unchanged at €1.046 per week, €4.533 per month and €54.396 per annum. It should be noted that the contributions to the Social Cohesion Fund are calculated on the actual earnings i.e. not subject to the above cap.
The contribution rate for self-employed persons is 14,6% on income which is determined in accordance with a circular issued every year by the Commissioner of the Social Insurance Department. To the following table, we summarise the contribution rates for each category for the year 2016:
| Weekly salaries | Lower Limit € |
|---|---|
| 1. Doctors, pharmacists, specialists in health matters (qualified), accountants, economists, lawyers and other professionals
Up to 10 years More than10 years |
338,64 775,99 |
| 2. Wholesalers, estate agents, directors (businessmen) | 775,99 |
| 3. Professors and teachers
Up to 10 years More than10 years |
338,64 775,99 |
| 4. Builders and other related construction industry businesses | 470,83 |
| 5. Drivers, excavator drivers and other related professions, technicians, associates in media, machinery users (apart from the construction industry) assemblers of products, clerks, typists, cashiers, secretaries and technicians which do not fall in any other category. | 374,92 |
| 6. Shopkeepers, cleaners, messengers, guards and owners of dry cleaners | 357,48 |
| 7. Farmers, stock breeders, aviarists, fishermen and other related professions, hawkers, postmen, refuse collectors, workers in mines & quarries, marine workers specializing in underwater constructions, installators of forklift equipment, street sweepers and people responsible for provision of services and salesmen | 261,57 |
| 8. Butchers, bakers, confectioners and similar professions | 287,73 |
| 9. Designers, users of computers, ship engineers, agents and musicians, magicians, persons that do not fall in any other professional category | 383,64 |
It should be noted that the maximum insurable earnings for all the above categories is €1.046.
Should you need any clarifications for the above, feel free to contact us at info@oxilium.com.cy
Latest News
-
Provisions on Deemed Dividend Distribution
06 Jan, 2020 -
National Health Insurance System - Contributions
06 Feb, 2019 -
New Social Insurance Contributions rates, as from 1 January 2019
24 Dec, 2018 -
Deemed dividend distribution provisions for the tax year 2017
03 Sep, 2017 -
Public Interest rate for the year 2017
02 Feb, 2017 -
Provisional tax for 2016 - 2nd instalment
05 Dec, 2016 -
Double tax treaty between Cyprus and Georgia
15 Oct, 2016 -
Double tax treaty between Cyprus and Bahrain
15 Oct, 2016 -
Double tax treaty between Cyprus and Jersey
22 Sep, 2016 -
Provisional tax for 2016
06 Jul, 2016