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Cyprus

Changes to social insurance contributions afoot from 2023

According to the Social Insurance Legislation, the rate of increase of January 2023 (in both the basic and supplementary part of pensions) is offset against the percentage of the indexation increase granted to pensions in July 2022.

The island’s social insurance service on Friday announced changes to social insurance contributions from January next year.

According to the Social Insurance Laws of 2010-2022, as of January 2023, the insurable earnings ceiling will increase from the month of contributions in January 2023 to €1.155 per week and to €5.005 per month.

Meanwhile, imputed incomes of self-employed workers on which the social insurance contributions are calculated will rise by 3.37 per cent from January 2, 2023.

According to the Social Insurance Legislation, the rate of increase of January 2023 (in both the basic and supplementary part of pensions) is offset against the percentage of the indexation increase granted to pensions in July 2022. Therefore, both the basic and supplementary parts of pensions from January1, 2023 will have zero growth.

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