MANAGEMENT

Detailed explanation-1: -The class of PRSI you pay determines the social welfare benefits for which you may qualify. The range of benefits include the likes of the State Pension (Contributory), Jobseeker’s Benefit and Illness Benefit, for example. An entitlement to a benefit is dependent on a person meeting specific criteria.

Detailed explanation-2: -The number of paid PRSI contributions you need for the State Pension (Contributory) depends on your retirement date. If you reach pension age on or after 6 April 2012, you need to have 520 full-rate PRSI contributions (10 years’ contributions). Only 260 of the 520 contributions can be voluntary contributions.

Detailed explanation-3: -PRSI is the main source of funding for social welfare payments. The total amount paid for an employee in one pay period is called a PRSI contribution. It is made up of the: employer’s share, that is, the amount of PRSI you pay on your employee’s pay.

Detailed explanation-4: -Pay-related social insurance (PRSI) The minimum contribution payable is EUR 500. Payment must be included with preliminary tax, which is payable on or before 31 October of each year. Self-employed persons whose income from all sources is less than EUR 5, 000 for 2023 are not liable to PRSI.