Significant changes to the Pay-Related Social Insurance (PRSI) system in Ireland are set to take effect on 1 October 2024.
There are adjustments to PRSI rates for both employees and employers across various classes, as well as modifications to self-employed contributions.
For employers, the adjustments will impact payroll calculations, budgeting, and compliance requirements. Employees, on the other hand, need to be aware of how these changes will affect their net income and the benefits to which they are entitled.
The changes include a 0.1% increase in PRSI rates for both employees and employers across different classes.
For employers, the lower PRSI rate will rise from 8.8% to 8.9%, while the higher rate will increase from 11.05% to 11.15%. Self-employed individuals will also see adjustments in their contribution rates.
Employers need to update payroll systems, revise budgeting plans, and ensure compliance with the new regulations.
See full list of changes here.
Contact your Accountant or Tax advisor for any queries which you may have.
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