Written answers
Wednesday, 6 July 2016
Department of Social Protection
Social Insurance Yield
Niall Collins (Limerick County, Fianna Fail)
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146. To ask the Minister for Social Protection the reduction in the yield from social insurance in a calendar year if the PRSI employers rate of 8.5% was extended for employees earning up to €385, €390, €395 and €400 per week; and if he will make a statement on the matter. [19904/16]
Leo Varadkar (Dublin West, Fine Gael)
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Currently employers pay PRSI at the rate of 8.5% where weekly earnings are between €38 and €376. Once weekly earnings exceed €376, the rate of employer PRSI is 10.75%.
The reduction in the PRSI yield to the Social Insurance Fund of increasing the upper threshold at which 8.5% rate of employer PRSI applies, is contained in the following table:
Employer PRSI New Upper Threshold for 8.5% Rate | Full Year Cost | Employments Affected |
---|---|---|
€385 | €3.3m | 12,860 |
€390 | €5.1m | 19,380 |
€395 | €8.1m | 30,000 |
€400 | €10.0m | 36,730 |
These estimates are based on the latest available data and reflect macro-economic indicators for 2017. It should be noted that the estimates do not take possible changes in employer or employee behaviour into account.
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