How does PRSI Class S work for self-employed sole traders in Ireland?

Self-employed individuals in Ireland pay Class S PRSI (Pay Related Social Insurance). This is a single flat rate of 4% on all income, with no employer contribution (because you're self-employed). For 2024: the Class S rate is 4% on gross income. The minimum annual Class S contribution is €500, even if 4% of your income is lower. From 1 January 2024, the Class S rate increased and self-employed people gained access to certain additional social welfare benefits they were previously excluded from, as part of Ireland's social insurance harmonisation. Class S PRSI entitles you to: State Pension (Contributory), Maternity Benefit (if contributions met), Paternity Benefit, Adoptive Benefit, and Treatment Benefit. You do NOT pay employer PRSI on your own income. PRSI is declared on your Form 11 and paid with your Preliminary Tax.

• Rate: 4% on all self-employment income (Class S)
• Minimum annual contribution: €500
• Entitles you to: State Pension, Maternity Benefit, Paternity Benefit, Treatment Benefit
• No employer PRSI — you only pay the employee-equivalent rate
• Declared on Form 11, paid with Preliminary Tax in November