CYPRUS SOCIAL SECURITY SYSTEM FOR EMPLOYEES

Notes:  

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. 

Employers Cost

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 2.65 % 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

WATCH OUR EDUCATIONAL VIDEOS

Watch more than 300 educational videos explaining how each Cyprus tax is applied with practical examples.

Get educated by pressing the link here.