The Pay-Related Benefit comes into effect in March of next year.
The start date and full list of who will be eligible for the new Pay-Related Benefit of €450 a week has been revealed.
The benefit is due to come into effect at the end of March next year, with the amount received relating to your previous salary.
This basis represents a major reform of the social protection system.
It ensures that upon losing their jobs, those with a strong work history receive a higher payment.
The Pay-Related Benefit will be available to people who become unemployed.
The existing Jobseeker’s Benefit scheme will be retained for those who may not be eligible for the new scheme due to part-time, casual, short-time or seasonal work.
In order to qualify for the benefit, a person must have at least 104 employment contributions since entering insurance, and at least four employment contributions in the ten weeks immediately prior to the application for benefit.
As well as this, applicants must have at least 26 employment contributions in the 52 weeks immediately prior to the first week for which they are claiming benefit, reports RSVP Live.
Under the new system, there will be three rates of payment:
- A top rate of maximum€450, or 60 per cent of your prior income, for people who have made at least five years PRSI contributions. The €450 rate will be paid for the first three months.
- A second rate of maximum €375, or 55 per cent of your prior income. This will be paid for the following three months.
- A third rate of maximum €300, or 50 per cent of your prior income for the final three months.
The rate will then drop down to the that of the usual Jobseeker’s Benefit, which will be €244 from January 1.
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