Richard Boyd Barrett
Question:2651. Deputy Richard Boyd Barrett asked the Minister for Employment Affairs and Social Protection the estimated amount that would be raised by increasing the employer rate of PRSI by 2%. [34036/19]
View answerTuesday, 23 July 2019
Questions (2651, 2652)
Richard Boyd Barrett
Question:2652. Deputy Richard Boyd Barrett asked the Minister for Employment Affairs and Social Protection the estimated additional revenue that could be generated by establishing a new band of employer PRSI of 19.75% on incomes over €90,000 per year and to increase the existing 10.955% by 2% to 12.95%. [34565/19]
View answerWritten answers
I propose to take Questions Nos. 2651 and 2652 together.
The yields from increasing the lower and higher Employer PRSI rates by 2% and increasing the higher employer PRSI rate by 2% and introducing a new 19.75% band of Employer PRSI Rate on incomes over €90,000 per year are shown in the table.
|
Rate |
Full Year Yield |
Employments Affected |
|
Increase Employer Lower Rate by 2% |
€86.2m |
0.8m |
|
Increase Employer Higher Rate by 2% |
€1,497.1m |
2.2m |
|
New Band of 19.75% for earnings over €90,000 per year |
€713.1m |
0.4m |
|
Increase the higher employer PRSI rate by 2% and introducing a new 19.75% band of Employer PRSI Rate on incomes over €90,000 per year |
€2,048.3m |
2.2m |
These estimates are based on PRSI Class A contributions. They use the latest available data and reflect macro-economic indicators for 2020.
It should be noted that these estimates do not take into account any possible changes in employer behaviour arising from changing rates of contribution.
I trust this clarifies the matter for the Deputy.