Government Approves Plans for Unemployment Benefits of Up to €450 per Week or 60% of Previous Salary
Dublin: The government has approved plans to introduce a new Pay-Related Benefit system, allowing those who lose their jobs to receive up to €450 per week, or 60% of their previous salary. Social Protection Minister Heather Humphreys announced that this new system, aligning Ireland with other EU countries, aims to support individuals with a strong work history by providing enhanced benefits.
The new system will feature three payment rates:
1. Top Rate: Up to €450 (60% of prior income) for the first three months for those with at least five years of PRSI contributions.
2. Second Rate: Up to €375 (55% of prior income) for the next three months.
3. Third Rate: Up to €300 (50% of prior income) for the final three months.
For those with two to five years of contributions, the benefit will be set at 50% of previous earnings, capped at €300 per week for six months. A minimum weekly payment of €125 will apply.
Minister Humphreys emphasised that these reforms aim to prevent a sudden drop in income following redundancy. The draft legislation will now undergo pre-legislative scrutiny, with the goal of implementing the new system by the end of 2024.
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