Richard Boyd Barrett
Ceist: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]
Amharc ar fhreagraDáil Éireann Debate, Tuesday - 23 July 2019
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]
Amharc ar fhreagra2652. 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]
Amharc ar fhreagraI 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.