Increase on Social Insurance Contributions in 2024

As of 1 January 2024, social insurance contributions have increased by 0.5% for employees and for employers and by 1% for self-employed individuals.

Furthermore, the maximum amount applicable for social insurance contributions purposes is now €62.868 per annum for monthly employees and €64.077 per annum for weekly employees (€5.239 per month for monthly employees and €1,209 per week for weekly employees).

As a summary, the Social Insurance Contributions for the year 2024 are as follows:

• Employees: 8,8% (from 8,3%)
• Employers: 8,8% (from 8,3%)
• Self-employed:16,6% (from 15,6%)

Employers are also obliged to make the below contributions:

• Redundancy Fund: 1,2%
• Industrial Training Fund: 0,5%
• Annual Holiday Fund (if not exempted): 8,0%
• Social Cohesion Fund *: 2,0%

* Social Cohesion Fund is calculated on total emoluments and has no maximum level.

PGE&Co remains at your disposal for any clarifications and for further assistance that might be needed on this or on any other matter.