Finance Act 2015 introduced a tapered PRSI Credit for those whose gross weekly earnings are between €352.01 and €424.
The maximum weekly PRSI credit available is €12 and is reduced by one-sixth of earnings in excess of €352.01 up to €424.
There are three separate calculations involved:
1.Calculate the PRSI Credit:
Maximum PRSI Credit €12.00
1/6th earnings in excess of €352.01 (€372-€352.01/6) (€3.33)
Reduced PRSI Credit €8.67
2.Calculate the PRSI charge @4% €372 X 4% €14.88
3.Deduct the Reduced PRSI Credit from the charge (€8.67)
New 2016 weekly PRSI Charge €6.21