Social Welfare and Pensions Act 2015
|
Employment contributions - increase in PRSI thresholds | ||
|
10. (1) Section 13 of the Principal Act is amended in subsection (2) by— | ||
(a) the substitution of the following paragraph for paragraph (b): | ||
“(b) Subject to regulations under section 14, where in any contribution week a payment of more than €352 and not exceeding €424 is made to or for the benefit of an employed contributor in respect of reckonable earnings of that employed contributor— | ||
(i) a contribution shall be payable by the employed contributor, and | ||
(ii) the rate at which that contribution shall be payable shall be the rate of 4 per cent of the amount of the reckonable earnings in that week of each employment reduced by the equivalent of the difference between €12 and one-sixth of the difference between the reckonable earnings of that contributor and €352.01 (or the equivalent thereof in the case of an employed contributor remunerated otherwise than on a weekly basis).”, | ||
(b) the substitution of the following paragraph for paragraph (d): | ||
“(d) Subject to paragraph (da), subsection (8) and regulations under section 14, where in any contribution week a payment is made to or for the benefit of an employed contributor in respect of reckonable earnings of that employed contributor, a contribution shall be payable by the employed contributor’s employer— | ||
(i) at the rate of 7.8 per cent of the amount of the reckonable earnings in that week to which that payment relates where those reckonable earnings do not exceed €376 (or the equivalent thereof in the case of an employed contributor remunerated otherwise than on a weekly basis), and | ||
(ii) at the rate of 10.05 per cent of the amount of the reckonable earnings in that week to which that payment relates where those reckonable earnings exceed €376 (or the equivalent thereof in the case of an employed contributor remunerated otherwise than on a weekly basis).”, | ||
(c) the deletion of the Table to paragraph (d), and | ||
(d) the insertion of the following paragraph after paragraph (da) (amended by section 13 of the Social Welfare Act 2011 ): | ||
“(db) Subject to regulations under section 14, where in any contribution week a payment of more than €424 is made to or for the benefit of an employed contributor in respect of reckonable earnings of that employed contributor— | ||
(i) a contribution shall be payable by the employed contributor, and | ||
(ii) the rate at which that contribution shall be payable shall be the rate of 4 per cent of the amount of the reckonable earnings in that week of each employment (or the equivalent thereof in the case of an employed contributor remunerated otherwise than on a weekly basis).”. | ||
(2) This section comes into operation on 1 January 2016. |