Dáil Éireann Debate, Tuesday - 20 February 2024
365. Deputy John Paul Phelan asked the Minister for Social Protection the estimated additional revenue which will be generated in 2024 from the increases to PRSI announced as part of the Budget; and if she will make a statement on the matter. [7432/24]
View answerA PRSI rate increase of 0.1% across all rates of PRSI (employer, employee and self-employed) from 1 October 2024 was announced in Budget 2024. In November 2023 the Government agreed to further increases as follows:
2025: 0.1 percentage points
2026: 0.15 percentage points
2027: 0.15 percentage points
2028: 0.2 percentage points
All of these PRSI increases will be effective from 1 October of each year.
The Government also agreed to increase the annual minimum contribution payment for Class S and the voluntary contribution for former self-employed contributors by €150 to €650 from 1 October 2024.
It is estimated that these increases will yield €62 million in 2024.
