What is the levy rate ?
The levy rate is:
- Research 1.25%
- Main Levy 1.25%
The rate is applied to pensionable pay codes and so hourly pay or payments for additional work are not included either in the calculation of the levy or in the calculation of payments from the fund. Research Scholarship payments are not included within scope. The rate is applied to fully-loaded costs i.e. inclusive of pension and PRSI costs.
When is the levy rate reviewed ?
The levy rate is reviewed each year as part of the university financial planning cycle. Amendments to rates are applied at the start of the relevant financial year, in October. The rate is approved by the UMT.
What accounts is the levy calculated on ?
The levy for the Research Social Costs Scheme applies to Researcher Pay Costs (account 91900) charged to a Research Account. Note that this account excludes Scholarship costs. The levy is charged to the relevant School, not directly to the Research Account.
<<Definition of accounts for main levy here.>>