Please see below several changes in respect to the Social Insurance contributions and the National Health Insurance System (NHIS) which are effective in 2020.
Social Insurance Rates 2020
The maximum amount of insurable earnings has increased from previous year to €1.055 per week, €4.572 per month and €54.864 per annum.
Contributions to the Social Cohesion Fund are calculated on actual earnings, not subject to the above caps.
C=Cap at EUR 4.572/month, N.C=No Cap
The contribution of self-employed persons will remain at 15.6% on income which is determined according to the following table:
*Note: The maximum amount of insurable earnings is €1.055 per week for all the above categories.
National Health Insurance System (NHIS) Rates 2020
Under the NHIS rules, employers are contributing 1,85% and employees 1,70% on the employee’s gross earnings. Further, self-employed individuals are contributing 2,55% on their gross earnings.
As at 1st of March 2020, the NHIS contributions are increased to 2,90% for employers, to 2,65% for employees and to 4,00% for self-employed individuals.
Please note that NHIS contributions are payable up to maximum annual earnings of €180,000.
Please find below a table summarizing the contribution rates for National Health Insurance System in Cyprus: