Minister Humphreys last week secured Cabinet approval for major reforms in Social Welfare. As previously announced there will be a series of incremental increases in the rate of Pay-Related Social Insurance (PRSI) contributions for all employers, employees and the self-employed. The stated purpose of the increases is to replenish the Social Insurance Fund and to support the retention of the State pension age at 66 years. As per the PRSI roadmap the rate of PRSI for all classes will increase by 0.1% from 1 Oct 2024, followed by a further increase of 0.1% in 2025, 0.15% in both 2026 and 2027 and 0.2% in 2028.
- Farrell & Farrell