Social Insurance contributions in Cyprus have a rate applied up to a level of earnings. For the year 2020 the maximum level of earnings has slightly increased (from 2019) to €54.864. The rate for both employers and employees are shared, and is at 8.3% as from January 2019 and the next five years. The social insurance contributions rate will be increased by 0.5% every five years until reaching 10.3% on January 2039.
Social Insurance Contributions 2020 breakdown.
For incomes above €4.572 a cap is applied. Contributions to the Social Cohesion Fund are calculated on actual earnings, not subject to the above caps.
Contributions for Self Employed.
Social contributions for self employed are at 15.6% and will remain unchanged. Self-employed contributions are determined according to the below income table.
National Health Insurance System rates for 2020.
Employers and employees contribute 1.85% and 1.70% on the employee’s gross earnings respectively for the NHIS. For the self-employed individuals the contribution is 2.55% on their gross earnings. It is important to note that that the contributions are to be revised upwards as of the 1st of March 2020 to 2,90% for employers, to 2.65% for employees and to 4,00% for self-employed individuals.