{"id":38329,"date":"2023-10-30T13:23:01","date_gmt":"2023-10-30T11:23:01","guid":{"rendered":"https:\/\/www.oeb.org.cy\/?p=38329"},"modified":"2023-10-30T13:23:01","modified_gmt":"2023-10-30T11:23:01","slug":"oeb-circular-change-in-the-increase-of-contributions-rates-to-the-social-insurance-fund-effective-from-1-1-2024","status":"publish","type":"post","link":"https:\/\/www.oeb.org.cy\/en\/oeb-circular-change-in-the-increase-of-contributions-rates-to-the-social-insurance-fund-effective-from-1-1-2024\/","title":{"rendered":"OEB Circular: CHANGE in the increase of contributions rates to the Social Insurance Fund effective from 1\/1\/2024"},"content":{"rendered":"<p>Further to our <a href=\"https:\/\/www.oeb.org.cy\/egkyklios-oev-ayxisi-eisforon-sto-tameio-koinonikon-asfaliseon-apo-1-1-2024\/\">previous communication<\/a> dated June 14<sup>th<\/sup>, 2023, regarding the upcoming increase in contribution rates to the Social Insurance Fund, the Cyprus Employers &amp; Industrialists Federation (OEB) notes the following:<\/p>\n<p>The percentage increase to the contribution rates set in the law has not been confirmed as necessary by the Actuarial Study carried out by the Ministry of Labour &amp; Social Insurance. Instead, the Study showed that the percentage increase required is less than what was originally inserted in the law by 0.1%.<\/p>\n<p>Therefore, as of January 1<sup>st<\/sup> 2024, both employer and employee contributions on insurable earnings to the Social Insurance Fund, will increase by 0.5% (instead of 0.6%), i.e. from the current 8.3% to 8.8% on both sides (instead of 8.9 %).<\/p>\n<p>For further clarifications, members can contact OEB\u2019s Industrial Relations &amp; Social Policy Department at 22643000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Further to our previous communication dated June 14th, 2023, regarding the upcoming increase in contribution rates to the Social Insurance Fund, the Cyprus Employers &amp; Industrialists Federation (OEB) notes the following: The percentage increase to the contribution rates set in the law has not been confirmed as necessary by the Actuarial Study carried out by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":38330,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-38329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - 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