Been wanting to take that trip around South America but worried about the affect it will have on your state pension entitlements?
Fear no more as now might be a good time to tell your boss you’re outta here for a while.
It’s all down to the PRSI system being reformed meaning it will be easier to make voluntary contributions under the PRSI system.
Speaking about the new measures, Minister for Social Protection Leo Varadkar said:
“At the moment, if you pay into the PRSI system for long enough, you become entitled to certain benefits without having to pass a means-test.
“These include the State Pension Contributory when you reach 66 and the Widows/Survivors Pension for your partner if you die before the age of 66.”
Minister Varadkar also noted who he feels may benefit from the new scheme, including self-employed people, those who move abroad temporarily and people who take early retirement:
“The main beneficiaries will be self-employed people who have a bad year or a few bad years and don’t pay PRSI in those years, people who take early retirement who might otherwise have their state pensions reduced, people who go overseas for a few years and do not pay into an equivalent system, people who retire early due to ill-health, and also parents who decide to stay at home.”
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