What does a hire really cost?
The gross salary is only part of it. Cyprus employers pay five separate contributions on top. This works out the true figure.
The salary
Agreed a net figure? Choose net and we work backwards to the gross salary and the full employer cost.
Income tax is not included. It depends on the employee's own reliefs and other income, so the net salary shown is before income tax.
Figures are for the tax year.
This is an estimate, not advice. It cannot see your wider position, other income, reliefs you may be entitled to, or tax already paid elsewhere. Speak to us before deciding anything on it.
What sits on top of the salary
- Social insurance, the employer matches the employee's contribution, up to an annual ceiling
- GESY, the national health contribution, at a slightly higher employer rate
- Redundancy fund
- Industrial training, the Human Resource Development levy
- Social cohesion fund
Most of these stop at the social insurance ceiling, which is why the percentage premium falls as salaries rise. Above the ceiling, the marginal cost of paying more is considerably lower.
Hiring in Cyprus?
Employer registration, payroll and the monthly filings are what we do every day.
Payroll & GESY