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Social Security Fund updates in 2024

SPL Audit wishes to inform our clients and associates, of significant changes in social insurance contributions, effective January 1, 2024, including a rate increase to 8.8%. You may find below the official circular from the Department of Labor for your reference.

Key Points:

  1. Social Security Fund Rate Increase: Starting January 1, 2024, the Social Security fund rate will rise to 8.8% as part of government initiatives to strengthen the social insurance system.
  2. Circular from the Department of Labor: The attached circular provides detailed insights into these amendments. Please review it to understand the upcoming changes.
  3. Adjustment Opportunity: Recognizing potential impacts on financial planning, you may adjust your company’s salary structures. Kindly inform us of any changes by Friday, January 12, 2024.
  4. Communication of Changes: For adjustments, please contact our Payroll Department through Ms. Maria Pitta and Ms. Zoe Andreou by the specified deadline. We are committed to ensuring a smooth transition and addressing your concerns.
  5. Further Assistance: Our support team is ready to assist you if you have questions or need clarification. We appreciate your proactive approach to managing these regulatory changes.

We understand that adapting to regulatory changes can be challenging, and we appreciate your proactive approach to managing these adjustments. 

Feel free to contact us on and communicate with our Payroll Department for any clarifications you might need.

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