asked the Minister for Social Welfare how PRSI contributions which are made by employers and employees are broken down; the services they provide; and the amount of funds allocated to each service in 1986.
Written Answers. - PRSI Contributions.
57.
The standard Class A rate of PRSI contribution for 1986-87 of 19.83 per cent of reconable earnings is broken down between its various elements as follows:
|
% of Reckonable Earnings |
|||
|
Employer |
Employee |
Total |
|
|
Social Insurance |
11.30 |
5.50 |
16.80 |
|
Occupational Injuries Insurance |
0.43 |
— |
0.43 |
|
Redundancy & Employers Insolvency Fund Contribution |
0.60 |
— |
0.60 |
|
Health Contribution |
1.0* |
1.00 |
|
|
Youth Employment Levy |
1.0* |
1.00 |
|
|
Total |
12.33 |
7.50 |
19.83 |
The breakdown of estimated PRSI contribution income for 1986 between employers and employees and by service provided is as follows:
Estimated Total PRSI Contribution Income 1986 (£ million)
|
Social Insurance |
Occupational Injuries |
Redundancy |
Health |
Youth Employment Levy |
Income Levy |
Total |
|
|
Employers |
625 |
28 |
27 |
— |
— |
— |
680 |
|
Employees |
300 |
— |
— |
76 |
82 |
30 |
488 |
|
Total |
1,168 |
||||||
|
925 |
28 |
27 |
76* |
82* |
30+* |
All figures given are estimates rounded to the nearest £ million.
*A small amount of Health contribution income and income from the Youth Employment Levy and Income Levy is contributed by employers (where the employee has a medical card) but this factor is not signigicant. The figures given do not include health contribution and levy moneys collected outside of the PRSI system from the self-employed including farmers.
+The figure given takes into account the abolition of the Income Levy with effect from 6 April 1986.
The above table shows how contributions received through the PRSI system from employers and employees are allocated. In the case of the Social Insurance Fund the income from such contributions is supplemented by a grant from the Exchequer. The estimated amount of this grant in 1986 is £398 million. Contribution income to the Social Insurance Fund and the Occupational Injuries Fund is also supplemented by income from the investments of both funds. For 1986 the estimated investment income of the Social Insurance Fund is £2 million and the figure for the Occupational Injuries Fund is £0.5 million.