Pafos Live 11 January 2024
The Social Insurance Services announce that, according to the Social Insurance Laws of 2010 to 2023, as of January 2024 the following will apply:
(1) The insurable earnings ceiling is increased from the contribution month January 2024 to €1.209 per week and to €5.239 per month.
(2) The imputed incomes of self-employed persons on which social security contributions are calculated are increased by 4.73% as of 01.01.2024.
(3) Regarding the amount of pensions of the Social Insurance Fund, according to the Legislation, the percentage increase calculated on both the basic and supplementary parts of pensions must be offset against the percentage of 0.8% granted after 01.01.2023 in accordance with a relevant amendment of the legislation. Therefore, Social Insurance pensions are increased from 01.01.2024:
(a) in the basic part by 3.89%. Therefore, the monthly amount of the full basic pension increases to €483,77 per month and the minimum pension to €411,20 per month, for beneficiaries without dependents.
(b) in the supplementary part by 1.68%.
(4) The amount of childbirth and funeral grants from 01.01.2024 is set at €628,92 and €586,99 respectively.
Also, based on the Legislation on Social Pension Provision, from 01.01.2024 the amount of the social pension increases to €391,85 per month.
