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Pensions / Personal Finance

Public Service Superannuation Act 2004

Pay Related Social Insurance

PRSI contributions:

The PRSI contribution, normally payable by employer and employee, is a percentage of the employee's reckonable earnings (i.e. gross pay less superannuation and Permanent Health Insurance contributions, deducted under a net pay arrangement by the employer, which are allowable for income tax purposes).

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Family Income Supplement

Family Income Supplement (FIS) a weekly tax-free payment available to employees with children. It gives extra financial support to people on low pay. You will not qualify for FIS if you are only self-employed, you must be an employee to qualify.

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Additional Voluntary Contributions

An AVC is a voluntary contribution made by employees in addition to the required contributions if any, that are to be made to their company pension schemes. Generally, an AVC is made to take advantage of the tax benefit and to also improve the benefits available at the time of retirement. AVC's are subject to Revenue limits.

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The Universal Social Charge

The 2011 Budget on Dec 7th announced that the Health Levy and Income Levy are both to be abolished and replaced by a new Universal Social Charge from Jan 1st 2011 . The new USC deductions will be applied to all income paid from Jan 1st 2011 This USC is a tax and does not provide a benefit to those paying the charge.

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