Joan Collins (Dublin South Central, Independents 4 Change)
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373. To ask the Minister for Employment Affairs and Social Protection the estimated additional amount of revenue that would be accrued if employer’s PRSI was increased by 1%, 2%, 3%, 4% and by 5%, respectively in tabular form. [58500/21]

Heather Humphreys (Cavan-Monaghan, Fine Gael)
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Pay Related Social Insurance (PRSI) contributions paid by employees, employers, self-employed people and voluntary contributors is income to the Social Insurance Fund. Therefore, any increase in the rates of social insurance contribution, including those paid by employers, would increase the annual income of the Fund. The Fund operates on a pay-as-you-go basis with the Exchequer acting as its residual financier where there is a shortfall between social insurance income into it and the cost of social insurance benefits paid out of it.

Based on 2019 data, the following table provides the estimated additional amount that would be accrued if the lower and higher employer social insurance rates currently at 8.8% and 11.05% respectively were each increased by 1%, 2%, 3%, 4% and 5%.

The estimated yields do not take into account any possible changes in employer behaviour arising from changing the rates of employer social insurance contribution. Nor does it take into consideration any of the impacts arising from the measures being taken to deal with the Covid-19 pandemic.

I trust this clarifies the matter for the Deputy.