Social Insurance and GHS.
The social insurance contribution (SIC) is compulsory in Cyprus and covers all the companies in the Republic.
Companies are required to contribute to the social insurance fund. Each working month the employer deducts from the employee a certain percentage of his or her salary and adds it to the employer’s contribution for that month. The whole amount (employer plus employee contribution) is due and payable by the end of the next month to the Social Insurance Authorities.
The applicable rates are as follows:
Maximum level of income to which the SIC applies:
Maximum level of income to which the SIC applies:
Exemption: The maximum level does not apply for social cohesion. Social cohesion is calculated on the whole amount of salary even if it exceeds the maximum level.
LEGAL DISCLAIMER
The information in this report is for information purposes only. It is not intended to constitute tax, legal or other professional advice, and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances. We accept no responsibility for any errors, omissions or misleading statements in this report, or for any loss which may arise from reliance on materials contained in this report.
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