articles | 28 June 2023 | Fairfax Yeaman Ltd

Social Insurance contribution rates will be increased in 2024

Fairfax wishes to inform all employers about the changes that will be put in effect in 2024.
SIF Contribution Rates Increase

According to the provisions of the Social Insurance Law of 2010 a rate of social insurance
contribution is applied to the insurable earnings. At the moment, the rate applicable is 8.3%
deducted by the employee and 8.3% contributed by the employer.

However, the contribution rate will be increased by 0.60% from 01/01/2024

There will be no further change to the contribution rates of the other social insurance funds currently in effect.

You may refer to the chart below for your ease of reference:
How Fairfax can help?

Explore the benefits of engaging the Fairfax team to assist you by outsourcing your payroll function.

Contact us on +357 25558025 or accounts@fairfaxyeaman.com for more information.

 

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