Brendan Howlin
Ceist:567. Deputy Brendan Howlin asked the Minister for Employment Affairs and Social Protection the estimated cost of increasing the PRSI credit to €15; and if she will make a statement on the matter. [41330/17]
Amharc ar fhreagraTuesday, 3 October 2017
Ceisteanna (567)
Freagraí scríofa
The tapered PRSI credit was introduced in January 2016 for PRSI class A and Class H employees earning between €352.01 and €424.00 per week.
The maximum weekly credit of €12 applies at gross earnings of €352.01. As earnings increase, the €12 is reduced by one-sixth of weekly earnings in excess of €352.01. At earnings of €424.01, the credit is exhausted.
It is estimated that the cost of increasing the maximum weekly €12 PRSI credit to €15 per week is €18.6 million in a full year. This estimate is based on the assumption that the increased credit will mean that no PRSI is paid up to weekly earnings of €356.45 and that, based on a taper of one-sixth of weekly earnings in excess of €352.01, the credit would exhaust once weekly earnings reach €442.