If a recently retired person aged 60, is getting monthly payments from their ARF,i know they will be PRSI deducted at 4% class S1 up to the age of 65, and these qualify as insurable weeks, for state contributory pension benefits.
But when they stop paying PRSI at age 66, does this mean they no longer have insurable weeks, allthough the class changes to class J i think.
If this is the case then, how does someone who has calculated they will be slightly short on insurable weeks, to get the maximum state contributory pension, bridge this gap. You currently need an average of 48 insurable weeks (since you first started in the tax/prsi system, up to age 68)to get the maximum state pension, so the 2 years of age 66 & 67, where no PRSI is paid, could be crucial in this regard, and i am wondering, is there a solution to the possible shortage of insurable weeks.
But when they stop paying PRSI at age 66, does this mean they no longer have insurable weeks, allthough the class changes to class J i think.
If this is the case then, how does someone who has calculated they will be slightly short on insurable weeks, to get the maximum state contributory pension, bridge this gap. You currently need an average of 48 insurable weeks (since you first started in the tax/prsi system, up to age 68)to get the maximum state pension, so the 2 years of age 66 & 67, where no PRSI is paid, could be crucial in this regard, and i am wondering, is there a solution to the possible shortage of insurable weeks.