Starting in January 2024, The following changes will take effect in regard to the maximum earnings limit and contributions to the Social Insurance Fund:
- Increase of the Social Insurance contribution rate:
The decision was made to increase employer and employee contributions to the Social Insurance Fund exclusively by 0.5%.
In other words, contributions will become 8.8% of employees’ insurable wages (from the present 8.3%). Consequently, 8.8% of the employee’s salary must be paid to the Social Insurance Fund by both the employer and the employee.
- Increase of the maximum earnings limit
The maximum limit of insurable earnings increases as follows:
€1,209 per week (from €1,155 in 2023)
€5,239 per month (from €5,005 in 2023).
Therefore, according to the above, employers should be informed about these changes in the contribution to the Social Insurance funds so that they can fully harmonize with the labour legislation.
In order to be up-to-date and fully compliant with Social Insurance regulations, N. Vorkas & Co provides the Payroll service so that this essential part of your business complies with the government’s regulations.
We are here to give you the help you need.
Head of Human Resources and Payroll services
at N. Vorkas & Co Ltd