The above calculation is for employed persons by Cyprus companies.
Social Insurance Contributions for Cyprus companies comprises of the following:
- Employees Contribution at 8.3%,
- Employers Contribution at 8.3%,
- Social Cohesion Fund at 2%,
- Redundancy Fund at 1.2%, and
- Industrial Training at 0.5%.
Holiday fund of 8% is optional usually used for seasonal workers.
Based on the above information for 2020 & 2021 the cost for the employer (i.e the Cyprus company) is 12%; Employers Contribution at 8.3%, Social Cohesion Fund at 2%, Redundancy Fund at 1.2% and Industrial Training at 0.5%.
The NHS (National Health System) is also paid via the Social Securities System and at present stands for 2.90% for employers and 1.70% for employees increasing the employers cost to 14.9% (12% Social Security Cost + 2.90% NHS).
Read more about Cyprus Payroll
FAQs on Cyprus Payroll