Government Approves Five-Year Plan for Gradual PRSI Increases to Replenish Social Insurance Fund
The government has approved a comprehensive plan to incrementally raise PRSI rates over a five-year period, aimed at replenishing the Social Insurance Fund. This initiative entails gradual increases across all PRSI categories, impacting employers, employees, and the self-employed.
The decision aligns with the objective of maintaining the state pension age at 66. To achieve this, a phased approach has been outlined, starting with a 0.1% rise in PRSI rates in the year, followed by an identical increase in 2025. Subsequent to these increments, there will be 0.15% raises in both 2026 and 2027, culminating in a 0.2% rise in the subsequent year.
This strategic plan follows the government’s commitment to introduce an enhanced pay-related job seekers’ benefit system, offering increased social protection payments for individuals facing unemployment for a duration of nine months. The funding for this system was earmarked to be sourced through potential PRSI increases, as outlined in the Programme for Government.
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