Changes to PRSI will see workers hand over nearly €100 extra

The Government has agreed on a plan to increase PRSI over the next five years in order to restore the Social Insurance Fund.

The incremental increases will apply to employers, employees and the self-employed.

The hikes will include a 0.1% rise for 2024 and 2025, a 0.15% rise in 2026 and 2027 followed by a 0.2% rise in 2028.

This will see workers pay an extra €46 starting from next October alone in 2024 and €92 by 2028.

The overall increase is expected to raise €240m in a full year.

The increases will ensure that the State Pension age remains at 66 and will also allow for the rollout of a new pay related job seekers' benefit system that will see people who lose their jobs receive enhanced social protection payments for nine months.