Social Welfare Act, 2002

Optional contributions (new rates of contributions and amendment to income ceiling).

6.—(1) Section 24B(1) of the Principal Act is amended—

(a) by substituting the following for paragraph (a):

“(a) Subject to paragraph (b), an optional contributor shall pay an optional contribution of an amount equal to 4 per cent. of his or her reckonable income in excess of €2,500 in the preceding contribution year, or €200, whichever is the greater.”,


(b) in paragraph (b) (as amended by section 6(1) of the No. 2 Act of 2001), by substituting “€40,420” for “€38,740”.

(2) This section comes into operation on 1 January 2003.