Rates of contribution
| Employer % | Employee % | Self-employed % | Notes | |
|---|---|---|---|---|
| Social insurance | 7,8 | 7,8 | 14,6 | 1 |
| Holiday Fund | 8,0 | - | - | 1, 2 |
| Social Cohesion Fund | 2,0 | - | - | 3 |
| Redundancy Fund | 1,2 | - | - | - |
| Industrial Training Fund | 0,5 | - | - | - |
Notes:
- Restricted to the maximum limit
- Weekly Employees (€1,046 per week)
- Monthly Employees (€4,533 per month)
- Being the minimum subject to the industry classification or nil if other acceptable arrangements exist
- Social Cohesion Fund
- Under this Law every employer, as from 1 January 2003, has an obligation to contribute 2% of the amount of salaries paid to employees, to the social cohesion fund
- The amount contributed to the social cohesion fund, is calculated on the aggregate emoluments without restriction or any upper limit
- The money will be available for financing the social grants. Its payment will be made together with the social insurance contributions
However, this does not apply to International Business Companies where their employees are not ordinarily residents in the Republic of Cyprus.
Occupational categories and amount of contributions for self-employed
| Classificate of self-employed persons | Week salary | |
|---|---|---|
| Lower limit € | Upper limit € | |
| Doctors, pharmacist, specialist in health matters (qualified), accountants, economists, lawyers and other professionals exercising the profession for less than 10 years | 383.64 | 1,046.00 |
| Doctors, pharmacist, specialist in health matters (qualified), accountants, economists, lawyers and other professionals exercising the profession for more than 10 years | 775.99 | 1,046.00 |
| Wholesalers, estate agents, directors (businessmen) | 775.99 | 1,046.00 |
| Professors and teachers for less than 10 years | 374.92 | 1,046.00 |
| Professors and teachers for more than 10 years | 749.83 | 1,046.00 |
| Builders and other related construction industry businesses | 470.83 | 1,046.00 |
| Drivers, excavator and other related professions, technicians, associations in media, machinery users (apart from the construction industry) assemblers of products, writers, typists, cashiers, secretaries and technicians which do not fall in any other category | 374.92 | 1,046.00 |
| Shopkeepers, cleaners, messengers, guards and owners of dry cleaners | 357.48 | 1,046.00 |
| Butchers, bakers, confectioners and similar professions | 287.73 | 1,046.00 |
| Designers, computer users, ship engineers, agents and musicians, magicians, persons that do not fall in any other professional category | 383.64 | 1,046.00 |
| Farmers, stock breeders, aviarists, fishermen, and other related professions, hawkers, postmen, refuse collectors, workers in mines and quarries, marine workers specializing in underwater constructions, installators of forklift equipment, street sweepers and people responsible for the provision of services and salesmen | 261.57 | 1,046.00 |
Deadline for payment of the contributions by employers
The contributions that the employer is obliged to pay in accordance with the Law, should be paid not later than the end of the calendar month following the month that the contributions relate.
Deadline for payment of contributions by self-employed
| Months that the contribution relate | Date |
|---|---|
| January - March | 10th of following May |
| April - June | 10th of following August |
| July - September | 10th of following November |
| October - December | 10th of following February |
Additional fee for late payment of contributions
Every Employer or a Self Employed who fails to pay the contributions within the time limit determined in the relevant regulations, is obliged to pay an additional fee in the range of 3% and 27% depending on the period of delay, on the amount of contributions due for payment.