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PRSI Overhaul to Save State Pensions | Belfast News
Description
The government’s scrambling to save the state pension fund by overhauling PRSI — the tax everyone pays for social insurance. With more retirees and longer lifespans, the old pay-as-you-go system is crumbling. New proposals include raising the minimum wage threshold to qualify for benefits from $38 to $112 a week, and making low-paid workers contribute 0.95% once they hit that mark. Employers would also pay a flat 11.25% rate instead of the current tiered system. Combined with other planned hikes, these moves aim to shore up the fund without raising the retirement age — a politically unpopular option already shelved. Expect more changes as the government tightens its grip on the books.
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