Written answers
Tuesday, 23 January 2024
Department of Employment Affairs and Social Protection
Social Insurance
John Paul Phelan (Carlow-Kilkenny, Fine Gael)
Link to this: Individually | In context | Oireachtas source
376. To ask the Minister for Employment Affairs and Social Protection the estimated revenue which will be generated in 2024 and 2025 by the increases in PRSI which were announced as part of Budget 2024; and if she will make a statement on the matter. [2377/24]
Heather Humphreys (Cavan-Monaghan, Fine Gael)
Link to this: Individually | In context | Oireachtas source
A PRSI rate increase of 0.1% across all rates of PRSI (employer, employee and self-employed) from 1 October 2024 was announced in Budget 2024. In November 2023 the Government agreed to further increases as follows:
2025: 0.1 percentage points
2026: 0.15 percentage points
2027: 0.15 percentage points
2028: 0.2 percentage points
All of these PRSI increases will be effective from 1st October of each year.
The Government also agreed to increase the annual minimum contribution payment for Class S and the voluntary contribution for former self-employed contributors by €150 to €650 from 1 October 2024.
It is estimated that these increases will yield €62 million in 2024 and €323 million in 2025.
These estimates do not take into account any possible changes in employer behaviour arising from changing the rate of employer PRSI.
I trust this clarifies the matter for the Deputy.
No comments