Increase in Social Insurance Contributions in 2024

Increase in Social Insurance Contributions in 2024

According to Social Insurance Law 59(I) of 2010, amendments in regard to the social insurance contributions will take effect starting from the 1st of January 2024.

 

Specifically, both employers and employees will be required to contribute an additional 0.6% to the Social Insurance Fund on their insurable earnings. The contribution rate will increase from the current 8.3% to 8.9%.

Thereafter, the rate will increase by 0,5% every 5 years, until it reaches 10,3% as from the 1st of January in 2039.

 

In regard to the self-employed persons, the rate will increase from 15,6% to 16,6% in 2024, and thereafter an increase of 1% will take place every five years until the rate reaches 19,6% as from the 1st of January in 2039.

 

A table below illustrates the relevant rates in regard to the contributions:

 

YEAR

EMPLOYEE

EMPLOYER

2019-2023

8,3%

8,3%

2024-2028

8,8%

8,8%

2029- 2033

9,3%

9,3%

2034-2038

9,8%

9,8%

2039+

10,3%

10,3%

 

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