BUSINESS

Auxiliary social security dues to decline

ROULA SALOUROU

TAGS: Finance

Auxiliary social security contributions are due for a reduction as of June 1, from 3.5 percent for employees and 3.5 percent for employers to 3.25 percent for both, according to the 2016 legislation known as the Katrougalos law.

The regulation named after the then social security minister who introduced it provides for a three-year increase in auxiliary social security fund contributions and then a gradual decline: From June 1, 2016 to May 31, 2019, the contributions rose from 3 percent for employees and employers to 3.5 percent for both.

The gradual decline will start from next Saturday, with the aim of seeing them drop back to 3 percent by June 2022. Therefore, the contributions to the auxiliary fund (ETEAEP) amount to a total of 6.5 percent up to May 31, 2022. This will concern 2 million salary workers and some 220,000 freelance and self-employed professionals.

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