Last week, the Institute’s Director of Advocacy and Voice, Cróna Clohisey wrote to the Minister for Finance with a proposal to reduce the lower rate of Employers’ PRSI (ER PRSI) for the purposes of assisting businesses manage the cost of introducing pensions’ auto-enrolment. To counteract the cost of auto-enrolment for employers, the letter notes that consideration should be given to reducing the lower rate of Employers’ PRSI (based on the rate that will apply from 1 October 2024) by 1.5%; from 8.9% to 7.4%. This change would impact the group of workers on minimum wage, many of whom depending on individual age and earnings will be required to enrol.
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