Dáil Éireann Debate, Tuesday - 19 November 2013
296. Deputy Lucinda Creighton asked the Minister for Social Protection the estimated additional PRSI revenue yield between the 1 July 2011 and 31 December 2013 had the halving of the 8.5% employer rate to 4.25% not happened; and if she will make a statement on the matter. [48797/13]
View answerThe Employer PRSI rate applying to weekly earnings of €356 or less was halved from 8.5% to 4.25% from July 2011 as part of the Jobs Initiative, to fulfil one of the commitments of the Programme for Government. This measure was implemented on a 2½ year time limited basis to apply from 1 July 2011 until 31 December 2013. The 4.25% employer PRSI rate will therefore revert to the original 8.5% rate from 1 January 2014. This is already provided for in legislation.
The additional PRSI revenues that would have been yielded if the halving of the employer rate did not happen are set out in the following table.
|
PERIOD OF TIME |
ANNUAL PRSI REVENUE FOREGONE |
|
1 July 2011 to 31 December 2011 |
€85 million |
|
1 January 2012 to 31 December 2012 |
€214 million |
|
1 January 2013 to 31 December 2013 |
€215 million |
|
1 January 2014 to 31 January 2014* |
€15 million |
*P30 returns providing remittances to the Collector General, including employer PRSI remittances, are made a month after the month to which they refer. Remittances in respect of December 2013 are therefore received in January 2014.
