In Ireland there is a state pension that is funded by employer and employee Social Security (PRSI) contributions. Oyster also provides access to a pension retirement savings account (PRSA).
What is the pension contribution ?
Team Members and Companies are not required to make contributions to PRSA unless otherwise agreed in the employment contract. Team Members can contribute to pension even if the Company does not do so.
A common PRSA contribution rate is 7% of gross salary from both team member and company. The scheme allows making regular contributions, one-off contributions or both.
If you have any questions about pension & retirement, please contact us.