Announcement of the Ministry of Finance
Following the vote by the House of Representatives on 27/3/2020 of the Financial Support Program in response to the financial impact of the coronavirus and in particular the decision not to pay the increased contribution to GeSY for a period of three months, the Ministry of Finance wishes to inform all those affected that the contribution rates to the GeSY are as follows:
|Contribution Rate||01/03/2020 to 31/03/2020||01/04/2020 to 30/06/2020||01/07/2020 onward|
|Persons holding any office||2.65%||1.70%||2.65%|
|Republic or any physical or legal person responsible for the payment of emoluments to officer(s) from their appointment or election||2.90%||1.85%||2.90%|
|Fixed Fund (State)||4.70%||1.65%||4.70%|
It is noted that for the period 01/03/2020 to 31/05/2020 reduced rates are applied for the pensions paid by the Social Security Services (YKA).
If companies / employers have implemented the reduced rates in March 2020, then for these cases ONLY, the application period for the reduced rates is set from March 1, 2020 to May 31, 2020.