Government agrees increases in all classes of PRSI

The Government has signed off on a plan to increase PRSI over five years to replenish the Social Insurance Fund.

Under the plan there will be incremental increases in all classes of PRSI.

This decision will see hikes in PRSI rates for employers, employees and the self-employed.

These increases will support the retention of the State Pension Age at 66.

Already a 0.1% rise was announced for next year and this will be followed by the same increase in 2025.

There will be 0.15% increases in both 2026 and 2027 followed by a 0.2% rise the following year.

The plan comes after the Government agreed to introduce 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.

The Programme for Government had stated that PRSI increases would be considered to fund this system.