ECONOMY

Contributions hike for most freelancers

contributions-hike-for-most-freelancers

The 1.5 million freelancers, self-employed professionals and farmers who are insured with the Single Social Security Entity (EFKA) face an April 8 deadline for the payment of the new main social security contributions for February that have increased for most of them.

The change in the social security payments has come about due to the adjustment of the minimum wage as of February 1, and the minimum contributions that almost eight out of 10 non-salary workers pay have gone up.

Therefore any self-employed and freelance professionals with a net taxable income (including the contributions due) up to 7,800 euros per annum will have to pay additional contributions of up to 17 euros per month. Farmers with a net taxable income (including the contributions due) up to 6,000 euros/annum face a similar hike of up to 18 euros/month. On the other hand, farmers with incomes between 6,000 and 8,000 euros per year will enjoy a reduction of up to 24 euros/month.

As for self-employed individuals and freelancers earning over 10,000 euros/year, they will be asked to pay the same in February as in January – i.e. at the reduced rate of 13.33 percent of their incomes.