Increase of Insurable amount for Social insurance contributions for the year 2023

Written by Marios Panayides
7 January, 2023

For 2023 the insurable amount applicable for social insurance contributions has increased to Euro 60.060 per annum from Euro 58.080 per annum, Euro 5.005 per month from Euro 4.840 per month for monthly paid employees and Euro 1.155 per week from Euro 1.117 per week for weekly paid employees.

The percentages for Social Insurance Contributions for 2023 which remain unchanged compared to 2022 are as follows:

Social Insurance Contributions8,3%8,3%15,6%
Social Cohesion Fundn/a2,0%n/a
Redundancy Fundn/a1,2%n/a
Industrial Training Fundn/a0,5%n/a
Holiday Fundn/a8,0%n/a

As always, the Social Cohesion Fund is calculated on total emoluments and has no maximum level.

For any assistance, please contact our team.

You May Also Like…