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Social Insurance Contributions 2024: Increase in rate and maximum level of emoluments
As from 01/01/2024, the Social Insurance Contributions rate increased to 8,8% (from 8,3% in 2023).
This rate is applied to a maximum level of emoluments. For 2024, the yearly maximum level of emoluments increased to €62.868 (from €60.060 in 2023).
The rate of 8,8% applies for both the employer and the employee as from 1 January 2024 and for the next five years. Thereafter, the rate will increase every five years by 0,5% until it reaches 10,3% as from 1 January 2039.
Likewise, Social Insurance Contributions rate of Self-employed individuals also increased to 16,6% (from 15,6% in 2023).
We remain at your disposal for anything you may need in connection with the above.
Contact person
Stelios Ioannou
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+357 22 100 192
Managing Director