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Pay Related Social Insurance (PRSI)
Ever looked at your payslip and wondered what the PRSI deduction is? On this page we explain how Pay Related Social Insurance (PRSI) works, how to check your PRSI contributions, and the number of PRSI contributions you need to make to qualify for a pension.
What’s on this page
What is PRSI?
If you work, your employer pays a PRSI contribution to the Social Insurance Fund for you every week. PRSI may also be deducted from your wages, depending on how much you earn. Each employee has a PRSI contribution class, which determines the rate used to calculate the PRSI deducted from their pay.
PRSI is made up of:
- Employee PRSI, also known as social security or social insurance, which is deducted from your earnings
- Employer PRSI, which is paid by your employer and is payable on your earnings
The total amount paid for an employee in one pay period is called a PRSI contribution. PRSI is the main source of funding for social welfare payments.
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What was announced about PRSI in the 2024 budget?
It was announced in the Budget 2024 that all PRSI rates will increase by 0.1% from 1 October 2024, and further increases are expected over the coming years. This measure looks like the first step to address what Michael McGrath has referred to as the “long-term sustainability challenges faced by the state pension system.”
How to check PRSI contributions
Your PRSI contributions are recorded on your social insurance record, and you can request your record of contributions, known as a contribution statement, on MyWelfare.ie.
If you think you have paid the wrong rate, you can also apply for a PRSI refund on MyWelfare.ie. Applications can be made for the last 4 complete tax years, and you will need to provide your employment and bank details.
What are voluntary PRSI contributions?
You can choose to pay voluntary PRSI contributions if you are no longer an employee or if you are self-employed, and you are no longer making compulsory PRSI contributions. You can choose to pay voluntary contributions (if you are under 66 and meet the other conditions) if you:
- Are no longer covered by compulsory PRSI in Ireland
- Are no longer covered by PRSI on a compulsory or voluntary basis in another EU country
PRSI benefit entitlements
Under the Treatment Benefit Scheme, people who have made a specific number of PRSI contributions are entitled to dental, optical and hearing services.
If you’re eligible, you’re entitled to a free dental check-up once a year, as well as a free eye test and a free hearing test every few years.
How many PRSI contributions do I need for a pension?
The number of PRSI contributions you need to have to qualify for the State Pension (Contributory) depends on your retirement date:
| If you reach pension age on or after 6 April 2012 | If you reached pension age between 6 April 2002 and 5 April 2012 | If you reached pension age before 6 April 2002 |
|---|---|---|
| You need to have 520 full-rate PRSI contributions (10 years’ contributions) Only 260 of the 520 contributions can be voluntary contributions | You needed to have 260 full-rate contributions (5 years’ contributions) | You needed 156 qualifying full-rate paid contributions (3 years’ contributions) |