The Government has approved a plan to increase Pay Related Social Insurance(PRSI) over each of the next five years. There will be incremental increases in all classes of PRSI including for employers, employees and the self-employed meaning that all categories of working people will contribute more to the Social Insurance Fund.
These increases will support the retention of the State Pension Age at 66. The increase will be 0.1% in 2024 and 2025. There will be 0.15% increases in both 2026 and 2027 followed by a 0.2% increase in 2028. The Government is also to implement a new pay related job seekers benefit system. It means that people who lose their jobs will get enhanced social protection payments for nine months.
