Voluntary PRSI Contributions
Voluntary PRSI Contributions
In order to be able to go back up to 5 years to make voluntary PRSI contributions, a person must:-
- have at least 520 weeks PRSI paid in either employment or self-employment, if seeking admittance from a date on or after 6th April 2015,
- apply within 60 months (5 years) after the end of the contribution year during which they last paid compulsory insurance or during which they were last awarded a credited contribution. In very exceptional circumstances, this period may be extended at the discretion of the Minister.
- submit an application to the social welfare using the Form VC1.
The benefits of making voluntary contributions is that it keeps your PRSI record up to date for purpose of claiming state pension when you retire however it does not cover unemployment or illness benefits.
There are three different rates of voluntary contributions.
The rate you pay is based on the rate of the PRSI contribution last paid or credited by you.
If you last paid A Class, it is 6.6% of previous years earnings
If you last paid B or E or H Class, it is 2.6% of previous years earnings
If you last paid S Class, it is a flat rate of €500 per year
Any queries on same give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie
