As of 1st January 2024, the social insurance contribution rates for each employer and employee are increased by 0,5% and for self-employed individuals by 1%.
The below table summarizes the contribution rates that are applicable for the year 2024:
|Employer’s contribution to the Redundancy Fund
|Employer’s contribution to the Human Resource Development Authority Fund
|Employer’s contribution to the Social Cohesion Fund
Social Cohesion Fund
An employer is liable to pay a social cohesion fund contribution of 2% on the amount of the emoluments of his employees (without any restriction as to the amount of the emoluments).
Maximum limit of emoluments
As of the beginning of 2024, the below maximum amount of emoluments is applicable for Social Insurance Contribution purposes for monthly employees becomes €5.239 monthly and €62.868 annually.