The introduction of the National Health Scheme (GeSY) is aimed at upgrading and modernising the healthcare sector.
The philosophy of Gesy is based on universality and social solidarity on medical services so that everyone, regardless of age, financial situation and severity of medical condition will have equal access to high-quality healthcare services without any restrictions.
The GeSy will be financed by contributions made by employers and employees.
From 01.03.2019 all employees will contribute 1.7% of their wages with employers contributing 1.85% of each employee’s wages.
The self-employed will contribute 2.55% of their insurable income.
From March 2020, ahead of the full implementation of GeSY in June, these percentages will increase to 2.65% for employees, 2.90% for employers and 4% for the self-employed.
Employers’ contributions and employees’ deductions are calculated on the gross salary (up to €180,000) and will be paid through Social Insurances.
The contribution is tax deductible up to the total of 1/6 of the individual’s total income. The amount of the employers’ contribution is tax deductible for corporate tax purposes.
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Theodorou Law is a Cyprus law firm with Cyprus lawyers and other legal experts on legal matters involving Cyprus law, EU law and international law. The above should be used as a source of general information only. It is not intended to give a definitive statement of the law.
