Asterisk Corporate Services would like to inform you that from 1/1/2024 an increase in Social Insurance Contribution rates will come in effect.
According to the provisions of the Social Insurance Law of 2010, as of January 1st 2024 both employer and employee contributions on insurable earnings to the Social Insurance Fund will increase by 0,5%, from 8,3% applicable today to 8,8% each.
The below table summarizes the contribution rates which are applicable for the year 2024:
| Self-employed individuals | 16,6 % |
| Employee’s contribution | 8,8 % |
| Employer’s contribution | 8,8 % |
| Employer’s contribution to the Redundancy Fund | 1,2 % |
| Employer’s contribution to the Human Resource Development Authority Fund | 0,5 % |
| Employer’s contribution to the Social Cohesion Fund | 2 % |
The Maximum Limit of emoluments also increases as follows:
| Weekly | Monthly | Yearly | |
| € | € | € | |
| Weekly employees | 1.209 | 64.077 | |
| Monthly employees | 5.239 | 62.868 |
Do not hesitate to contact us for any questions you may have.
