The Government of Andorra (Pyrenees) has approved this Wednesday, on the proposal of the Minister of Finance, Eric Jover, the Decree announcing the publication of the average monthly salary of all employees registered in the Social Security Fund (CASS) in 2019, which stood at € 2,129.44. This figure represents an increase of 0.8% compared to 2018. This amount is used to determine the contribution rates for self-employed people.
The self-employed contribution base is calculated by applying a specific percentage to the global average monthly salary of the previous year. Therefore, the contribution to the general branch of the Fund for people who carry out a self-employed activity is set for 2020 at 212.94 euros and to the retirement branch at 255.54 euros. Keep in mind, however, that the contribution amounts that the self-employed must assume vary based on their income and can be found in ranges of 25%, 50%, 62.5%, 75%, 100 %, 125% or 137.5% of the quota, says the Andorran Government.
On the other hand, the average salary is also used to establish the value of the retirement point for 2020. Therefore, today the corresponding Decree setting these rates has also been approved. The sale price is € 2.27451 and the purchase price is € 21.83530. Values are set to five decimal places to guarantee maximum accuracy.
See also Andorra business guide
