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What are PRSI credits ?

What are PRSI credits ?

What are PRSI Credits ?
If you are an employee, PRSI deductions are made from your earnings each week. If you are sick, unemployed or retire early, for example, PRSI deductions may not be made. However, you may qualify for ‘credits’ instead. These ‘credits’ are similar to the PRSI contributions which you pay while in employment.
‘Credits’ are usually awarded at the same rate as your last paid PRSI contribution.
For example, if you paid Class A PRSI in your last employment and you are eligible for ‘credits’, these ‘credits’ will protect your entitlement to Class A benefits.
You may get ‘credits’ while you claim social welfare payments because you are out of work and while you are on a SOLAS (formerly FÁS) course. These ‘credits’ protect your entitlement to benefits and pensions in the future.
To be entitled to PRSI ‘credits’, you must previously have worked and paid PRSI contributions.
However, If, at any stage in your working life, you have no PRSI contributions paid or credited for 2 full consecutive tax years, you cannot get ‘credits’ until you return to work and pay PRSI contributions for at least 26 weeks.
Any queries in regards to the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie
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