The earnings cap for Social Insurance purposes for 2023 has increased to €60,060 per annum (2022: €58,080 per annum).
It is reminded that the contributions an employer is required to make on the gross emoluments of its employees are as follows:
* An employer can be granted an exemption when paid annual holidays are offered and upon certain conditions being met.
Besides the Social Cohesion
Fund for which contributions are uncapped, for the rest of the funds the
contributions are capped as per the above mentioned threshold.
Employees are required to contribute only to the Social Insurance Fund at the same rate as with the employers and subject to the same earnings cap.
Contributions to the various employment-related funds are tax-deductible, and the employer’s contribution is not taxable for the employee.