Further to our previous communication dated June 14th, 2023, regarding the upcoming increase in contribution rates to the Social Insurance Fund, the Cyprus Employers & 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 the Ministry of Labour & Social Insurance. Instead, the Study showed that the percentage increase required is less than what was originally inserted in the law by 0.1%.
