Published
26th Nov 2023
The Irish Government has signed off on a plan to increase PRSI over five years to replenish the Social Insurance Fund.
Under the plan there will be incremental increases in all classes of PRSI, as rates are set to rise for employers, employees and the self-employed.
The increases are designed to support the retention of the state pension age at 66 and a new benefit system for the unemployed.
Already a 0.1% rise was announced for next year and this will be followed by the same increase in 2025. There will be 0.15% increases in both 2026 and 2027 followed by a 0.2% rise the following year.
The increases will see an additional €46 approximately come out of the average worker's pay packet every year.
Meanwhile, the new jobseekers' benefit system will see people who lose their jobs get enhanced social protection payments for nine months.
