Pearse Doherty (Donegal South West, Sinn Fein)
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192. To ask the Minister for Finance the cost to the Exchequer of taking all those earning the minimum wage of €17,542, out of the Universal Social Charge net. [20074/13]

Michael Noonan (Limerick City, Fine Gael)
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The current minimum wage is €8.65 per hour. On an annualised basis, this is equivalent to €17,542 assuming a 39 hour working week. I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer, estimated by reference to 2013 incomes, of increasing the existing Universal Social Charge exemption threshold of €10,036 per annum to €17,542 per annum would be of the order of €131 million. This figure is an estimate from the Revenue tax-forecasting model using actual data for the year 2010 adjusted as necessary for income and employment trends in the interim. It is, therefore, provisional and may be revised.