The new scheme for the self-employed, which I announced as part of the 2019 Budget measures, will extend a PSRI insurance based benefit to the self-employed who lose employment. This measure builds on other significant improvements for the self-employed in recent years such as access to invalidity pension and treatment benefits in Budget 2017.
Applicants will have to satisfy the qualifying conditions for the new scheme including, satisfying a PRSI contribution requirement and have sustained a substantial loss of employment and as a consequence, a significant loss of income. The statutory conditions and requirements for the scheme are being worked through by officials at this time.
It is difficult to estimate the numbers of self-employed that will apply and qualify for the new scheme. The expected take up and costs for this scheme are reliant on the labour market as it evolves and the overall performance of the economy. It is estimated that some 1,000 could benefit from the scheme in 2019 and approximately 6,500 could benefit at any point in time in a full year. It is intended that the scheme will be introduced in November 2019 with an estimated cost of approximately €2 million. The cost in 2020 which will be the first full year of the scheme year is estimated at approximately €31 million.
I trust that this is of assistance.
