Pearse Doherty
Question:192. Deputy Pearse Doherty asked the Minister for Finance the cost to the Exchequer of taking all those earning the minimum wage of €17,542 out of the universal social charge net. [20074/13]
View answerTuesday, 30 April 2013
Questions (192)
Written answers
The current minimum wage is €8.65 per hour. On an annualised basis, this is equivalent to €17,542 assuming a 39 hour working week. I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer, estimated by reference to 2013 incomes, of increasing the existing Universal Social Charge exemption threshold of €10,036 per annum to €17,542 per annum would be of the order of €131 million. This figure is an estimate from the Revenue tax-forecasting model using actual data for the year 2010 adjusted as necessary for income and employment trends in the interim. It is, therefore, provisional and may be revised.
Question No. 193 answered with Question No. 149.