From the 1st of September last, a person applying for the state contributory pe sion needs a yearly average of 48 PRSI contributions to get the full pension.
They are averaged from the year they started paying PRSI.
This change will adversly affect many workers who started work early, ie in their teens and have a broken record of employment. The type of work record of many woman now approaching retirement age.
Home credits were only introduced in 1994 and were not backdated.
A person could have contributed for nearly 40 years and still not get a full pension. However, someone who starts paying PRSI in their mid 50s and continues for 10 years will get the full pension.
Normally the longer you are in a pension scheme, the greater the benefit, but not in Ireland, which rewards late payers!
They are averaged from the year they started paying PRSI.
This change will adversly affect many workers who started work early, ie in their teens and have a broken record of employment. The type of work record of many woman now approaching retirement age.
Home credits were only introduced in 1994 and were not backdated.
A person could have contributed for nearly 40 years and still not get a full pension. However, someone who starts paying PRSI in their mid 50s and continues for 10 years will get the full pension.
Normally the longer you are in a pension scheme, the greater the benefit, but not in Ireland, which rewards late payers!