Government Signs Off On Plan To Increase PRSI Rates

Wednesday, 22 November 2023 09:58

By Hannah Kelly

The rates for all classes of PRSI will go up each year for the next five years.

Workers are set to be hit with a series of PRSI increases.

The rates for all classes of PRSI will go up each year for the next five years.

Employees, employers and the self-employed will all have to pay more.

It will mean the average worker's pay will reduce by 46 euro every year.

The move is designed to boost the social insurance fund and ensure the state can meet future pension costs.

A zero point one per cent rise is scheduled for next year and 2025, followed by a zero point one five per cent increase in 2026 and 2027.

In 2028 there will be a zero point two per cent rise.

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