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Increase in Social Insurance & Notification of the 2024 Maximum Remuneration Limit

The Department of Labour Relations, Social Policy & Human Resources Development of CCCI informs you that as of 1/1/2024, both employers and employees will see an increase in their contributions to the Social Insurance Fund.

Specifically, according to the Social Insurance Law, starting from 1/1/2024, both employer and employee contributions to the Social Insurance Fund will increase by 0.5%.

Therefore, contributions will increase from the current 8.3% to 8.8% on employees’ Insurable earnings.

In addition to the above, notice is hereby given that the maximum insurable earnings of employees for the purpose of calculating the amount of contribution to the Social Insurance, Annual Leave with Pay, Surplus Personnel and Human Resource Development Levy, under Regulation 8(1) and (2) of the Social Insurance (Contributions) Regulations 2010 - 2023 and the relevant Order under Section 20 of the Act, is as follows:

(a) Maximum limit for weekly employees: €1,209 from 1/1/2024

(b) Maximum limit for monthly employees: €5,239 from 1/1/2024

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