NEWS

• Posted December 24, 2018

New Social Insurance Contributions rates, as from 1 January 2019

The Social Insurance Contributions will increase by 0,5% for both, employer and employee, as from 01 January 2019.

The increased rates will be applicable for the next five years.

We summarise below the relevant rates applicable for 2019:

From 2019 onwards, the maximum amount applicable for Social Insurance Contribution purposes will also increase to EUR 54.648 p.a. for monthly paid employees.

Moreover, the Social Insurance Contributions payable by self-employed will increase by 1%, as from 07 January 2019, i.e. to 15,6%.  It should be noted that the amount of the contributions is subject to the lower and maximum limits, depending on the profession or trade of the self-employed, adjusted on an annual basis by the Department of the Social Insurances.

For more information or clarifications please contact us at info@oxilium.com.cy.