Hi all,
I am trying to find out all I can about Directors Benefits and Entitlements.
I found this. Can someone tell me if this is still applicable or has anything changed?
1) Info relevant to Company Directors:
PRSI CLASS
If you own less than 15% of the company, then you are on PRSI Class A and will be entitled to the same benefits as employees.
Class A Benefits
* Jobseeker's Benefit
* Illness Benefit
* Health and Safety Benefit
* Invalidity Pension
* State Pension (Transition)
* Treatment Benefit
* Occupational Injuries Benefits
* Carer's Benefit
* Widow's or Widower's (Contributory) Pension
* Guardian's Payment (Contributory)
* State Pension (Contributory)
* Maternity Benefit
* Adoptive Benefit
* Bereavement Grant
If you own greater than 15% of the company, then you are a Proprietary Director and are on PRSI Class S. This will cost the company less in employer PRSI contributions, however you are not entitled to the same benefits as employees on PRSI Class A;
Class S Benefits
* Widow's or Widower's (Contributory) Pension
* Guardian's Payment (Contributory)
* State Pension (Contributory)
* Maternity Benefit
* Adoptive Benefit
* Bereavement Grant
REDUNDANCY
If you pay PRSI Class S then you are not entitled to a redundancy payment, but the company can pay you a termination payment which can be tax free.
UNEMPLOYMENT
If you are on PRSI Class A and have made sufficient contributions then you can apply for Jobseekers Benefit.
If you are on PRSI Class S, you are not entitled to Jobseekers Benefit as you have not been making PRSI Class A contributions.You can apply for Jobseekers Allowance which is means tested.
2) Is it correct that Directors are NOT entitled to state pension after retirement?
3) Also I recently learnt that if you are the director of a clothes retail company (for eg), you get a grant for clothing/uniform?!?
Does anyone know any other 'nitty gritty' benefits that a director can be entitled to?
Thanks a million
MsOp