Written answers

Friday, 16 September 2016

Department of Social Protection

Tax Yield

Photo of Ruth CoppingerRuth Coppinger (Dublin West, Anti-Austerity Alliance)
Link to this: Individually | In context | Oireachtas source

732. To ask the Minister for Social Protection the amount that could be raised from increasing employers’ PRSI towards the EU effective average rate of 20% that is by increasing the effective rate by 1%, 2% or 5%. [25368/16]

Photo of Leo VaradkarLeo Varadkar (Dublin West, Fine Gael)
Link to this: Individually | In context | Oireachtas source

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 increase in the PRSI yield to the Social Insurance Fund from increasing the class A employer PRSI rates by 1%, 2% and 5%, is contained in the following table:

Rate of Employer PRSIIncreased Yield from Increase in 8.5% Lower RateIncreased Yield from Increase in 10.75% Higher RateTotal Increased YieldEmployments Affected
1%€37.3m€634.1m€671.4m2,433,475
2%€74.6m€1,268.2m€1342.8m2,433,475
5%€186.5m€3,170.6m€3,357.1m2,433,475

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.

Comments

No comments

Log in or join to post a public comment.