So, you’re employed – this means the amount of social insurance you pay depends on your earnings and the type of work you do. Your social insurance contributions in Ireland are referred to as PRSI (Pay Related Social Insurance).
Sometimes, you will hear people describe their PRSI contributions as stamps. This term dated from before 1979 when employers would literally stamp a card each week of employment. The employee then brought that card to their local social welfare office when claiming social welfare payments.
Most employers and employees (over 16 years of age) pay social insurance (PRSI) contributions into the national Social Insurance Fund. In general, the payment of social insurance is compulsory. The term ‘insurable employment is used to describe employment that is liable for social insurance contributions. Some people who have unearned income are also liable for PRSI.
As an employee, you pay PRSI monthly in wages but Comfort Keepers also pay a contribution.
The type of benefits and pensions you may qualify for are then decided by the class of PRSI you pay. In general, employees pay Class A PRSI. The benefits covered by each class are listed below.
Social welfare benefits and pensions under Class A
- State Pension (Transition)
- State Pension (Contributory)
- Widow’s, Widower’s or Surviving Civil Partner’s (Contributory) Pension
- Guardian’s Payment (Contributory)
- Invalidity Pension
- Occupational Injuries Benefits
- Treatment Benefit (Dental or Optical)
- Jobseeker’s Benefit
- Illness Benefit
- Carer’s Benefit
- Maternity Benefit
- Adoptive Benefit
- Health and Safety Benefit
Social welfare benefits and pensions under Class S
- State Pension (Contributory)
- Widow’s, Widower’s or Surviving Civil Partner’s (Contributory) Pension
- Guardian’s Payment (Contributory)
- Maternity Benefit
- Adoptive Benefit
Budget 2024 increase
Firstly, it was announced in Budget 2024 that all PRSI contribution rates will increase by 0.1% from 1 October 2024.
Changes to PRSI age limit
Secondly, from 1 January 2024, the upper age limit for PRSI exemption changed from age 66 to age 70.
This does not apply to:
- People who are already getting a State Pension (Contributory)
- People who are 66 years of age by 1 January 2024 (born before 1 January 1958)
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