Intelisoftcy informs you that the amount of the rate of increase in contributions as included in the legislation was not confirmed by the Actuarial Study conducted by the Ministry of Labor & Social Insurance. Specifically, the Study showed that the need for an increase in contributions is less than what was initially budgeted by 0.1%.

Therefore, the employer’s and employee’s contributions on both sides increase from 01/01/2024 by 0.5% (instead of 0.6%), i.e. from 8.3% that applies today to 8.8% on both sides (instead of 8.9 %), on the employee’s insurable earnings.

*The InteliSoftCY company does not assume any responsibility for payment of the above fee on behalf of its customers.