Benefits Of PRSI
Benefits of PRSI
PRSI is the acronym for Pay Related Social Insurance, a social insurance scheme where members contribute a certain amount monthly, and in turn receive Social Insurance benefits such as pension and medical cover. Employers usually deduct PRS every month from employeesâ€™ gross earnings depending on their job description and earnings. Here are some of the benefits that members receive from the Insurance scheme.
1. Dental cover
In most cases, employees receive two cleanings and one dental checkup per year. They are also eligible to price deductions on extraction/root canal/filling and other treatments. In addition to that, members have the opportunity to claim tax back in case they want more intricate treatments.
2. Earnings ceilings
This is the contribution employees make to the scheme yearly. If your earnings surpass the employeeâ€™s maximum limit, you have to continue paying monthly contributions as required of you. On the other hand, your employer will continue to pay a certain fee as Social Health Contribution on your gross income. You will still benefit from the coverage when you are not able to pay PRI contributions incase you gross earning has reached the maximum limit.
In case you overpaid monthly PRSI contribution, applying for a refund is the best alternative for you. Nonetheless, there is a four year limitation where all applications are made for PRSI contributions that were overpaid.
4. Pension payments
Contributions are given under different circumstances and can help you become eligible for payments/ pension. For instance, you can receive credits automatically in case you want Invalidity Pension or Illness benefit. If you want to retire early, make sure you do thorough research on what is needed to get extra credits which you might be eligible for.
While the scheme provide occupational pension to eligible members, PRSI contributions are not given for retirement purposes.