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ARTICLE · 12 FEBRUARY 2020

Cyprus Payroll Changes For 2020

The implementation of the national health insurance system, which started on 1 March 2019 initially covering only outpatient care, is expected to be fully completed by June 1, 2020.

CyprusEmployment and HR

The implementation of the national health insurance system, which started on 1 March 2019 initially covering only outpatient care, is expected to be fully completed by June 1, 2020.

From 1 March 2020, the contributions to cover both outpatient and inpatient care will be amended to 2.65% for employees and pensioners, 2.90% for employers, 4.70% for the government and 4% for the self-employed. The contributions will be deducted from the entire earnings of the employee up to an amount of €180,000.

Maximum Insurable Earnings

The maximum level of insurable emoluments for 2020 has changed to €54,864. For employees paid weekly, the maximum insurable amount is €1,055 and for employees paid monthly, it is €4,572. If the cumulative emoluments reach the maximum insurable amount, no social insurance contributions will be deducted from the 13th salary, except for the social cohesion and the GHS contribution.

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