Dáil Éireann Debate, Friday - 16 September 2016
732. Deputy Ruth Coppinger asked the Minister for Social Protection the amount that could be raised from increasing employers’ PRSI towards the EU effective average rate of 20% that is by increasing the effective rate by 1%, 2% or 5%. [25368/16]
View answerCurrently, employers pay PRSI at the rate of 8.5% where weekly earnings are between €38 and €376. Once weekly earnings exceed €376, the rate of employer PRSI is 10.75%.
The increase in the PRSI yield to the Social Insurance Fund from increasing the class A employer PRSI rates by 1%, 2% and 5%, is contained in the following table:
|
Rate of Employer PRSI |
Increased Yield from Increase in 8.5% Lower Rate |
Increased Yield from Increase in 10.75% Higher Rate |
Total Increased Yield |
Employments Affected |
|
1% |
€37.3m |
€634.1m |
€671.4m |
2,433,475 |
|
2% |
€74.6m |
€1,268.2m |
€1342.8m |
2,433,475 |
|
5% |
€186.5m |
€3,170.6m |
€3,357.1m |
2,433,475 |
These estimates are based on the latest available data and reflect macro-economic indicators for 2017. It should be noted that the estimates do not take possible changes in employer or employee behaviour into account.
