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Payroll Calculation in Egypt for 2024: Explanation of Social Insurance Contribution Rates and Salary Breakdown
This article focuses on discussing the adjustments to salary standards and changes in social insurance policies in Egypt in 2024. For easy understanding, the calculation results of a monthly gross salary of $8000 USD are provided below with detailed explanations.
Employee Monthly Deductions:
Employees need to bear two main deductions each month, which are the Social Security employee share and the Martyrs Family Fund.
The social security contribution rate is 11% of the salary, with the lower limit for national social security contributions in 2024 set at EGP 2000 and the upper limit at EGP 12600. Therefore, the employee's social security contribution should be 11% of EGP 12600, which equals 1386 EGP.
The Martyrs Family Fund contribution rate is 0.05% of the pre-tax salary, so the amount the employee should contribute to Martyrs Fund is 0.05% of 380000, which equals 190 EGP.
Employer Monthly Deductions:
Employers need to bear two main deductions each month, which are the Social Security employer share and the Emergency Relief (ER) Fund.
The enterprise social security contribution rate is 18.75% of the salary, with the lower and upper limits for national social security contributions set at EGP 2000 and EGP 12600 respectively. Therefore, the employer's social security contribution should be 18.75% of EGP 12600, which equals 2362.5 EGP.
The Emergency Relief (ER) Fund contribution rate is 1%. According to the new regulations effective April 3, 2024, the basic social security contribution salary is 2370 EGP, so the ER Fund contribution amount should be 1% of 2370 EGP, which equals 23.7 EGP.
Regarding income tax, due to its complexity, a tax rate table is provided for reference.
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"I love Lark, our very own collaboration tool that makes interacting with my team members so easy, effective, and fun. It's intuitive and can do so many things all from one place.❤️"
Employer Branding Manager
Internet, 10,000+ Employees
"Makes Google Workspace look anachronistic."
Google play Review
“It's become a real go-to staple.”
Google play Review
"Holy Smoke, Lark has an insane feature line-up offerings from the get-go."
Google play Review
"I would suggest people try this app, which gives you a feel way beyond other apps in place."
Google play Review
"Once my teammate suggested using Discord instead of Flock or Slack. But we realized Lark is much better among all."
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