Finances

Finances

Finances

Salary Scales

Up to date salary scales are available on this link https://www.ucc.ie/en/hr/salaryscales/#d.en.1145858 

Pensions

Under the Public Service Superannuation Act 2004, for all new entrants to the Public Sector on or after April 2004, the normal retirement age is 65.  It is no longer possible therefore to retire before age 65.  The pension plans  provide personal retirement benefits as well as benefits for spouses and children. The contribution rate comprises 3% of pensionable remuneration and 3½% of net pensionable remuneration.  Tax relief is accrued on these payments. In addition, the salary payment will be subject to the application of the Additional Superannuation Contribution (ASC).

  • Single Public Service Pension Scheme applies for employees who join the Public Sector after 1 January 2013. 

www.singlepensionscheme.gov.ie

Single Scheme Members Booklet

  • UCC Model Pension Scheme applies for employees who Joined the Public Sector after 1 January 2005 but before 1st January 2013. 

Model Pension Scheme

  • UCC Statutory Pension Scheme Explanatory Booklet for employees paying Class D PRSI who joined the Public Sector before 1st January 2005
Statutory Pension Scheme - Class D PRSI
 
For further information on pension schemes see https://www.ucc.ie/en/hr/pensions/ 

Income Continuance Plan

The UCC Income Continuance Plan (ICP) provides a source of income in the event of long or short-term temporary disability. As part of your of employment contract (if more than 6 months duration) you will be automatically included in the ICP with effect from the same date provided you have not previously opted out of the plan or you have been declined for cover under previous contracts of employment with UCC. The cost of membership of the plan will be deducted from your salary.

With effect from 1st January 2021 the premium rate will reduce from 1.47% of salary to 1.05% of salary. 

For further information see https://www.ucc.ie/en/hr/benefits/icp/ 

Supplementary Life Assurance

The UCC Supplementary Life Assurance (“SLA”) Scheme is designed to give employees the opportunity to make financial provision against the possibility of premature death while employed with UCC. The objective of the plan is to provide an additional lump sum for the benefit of the staff members dependents and/or estate in the event of death while in the service of UCC.

 With effect from 1st January 2021 the premium rate will reduce from 0.33% of salary to 0.26% of salary.

For further information see https://www.ucc.ie/en/hr/benefits/assurance/ 

Group Personal Accident Scheme

Membership of the Group Personal Accident Scheme shall apply to all employees, subject to the terms, exclusions and conditions of the insurance policy.  The salary quoted is subject to a deduction from salary at the rate of .06 of 1%

Fee Concession Scheme

The University provides a Fee Concession Scheme for staff, the amount of which will vary depending on the full-time or part-time nature of the staff contract. The Scheme is limited to the fees payable in respect of two programmes of study, one at undergraduate level and one at postgraduate level. 

The Fee Concession Scheme is also applicable to each child of eligible staff members (permanent full-time staff employed on or before 30 September 1992) attending either UCC or one of the other Irish Universities where reciprocal arrangements are in place, ie, TCD, UCD, UCG and NUIM. Concessions for each child are limited to the fees payable in respect of one undergraduate and one postgraduate programme only.

For further information see https://www.ucc.ie/en/hr/benefits/concession/ 

Tax

Income tax is deducted from employees’ wages by their employers under a Pay as You Earn (PAYE) scheme and is calculated according to the annual salary received.     There are a range of income tax reliefs available that can reduce the amount of tax that you have to pay.

Information for those new to the Irish personal taxation system is available on the Irish Revenue website https://www.revenue.ie/en/jobs-and-pensions/calculating-your-income-tax/index.aspx   

For further and complete information concerning your own personal taxation situation, you are advised to contact the Revenue Commissioners directly.    www.revenue.ie 

PPSN and Income Tax Applications

All employees in Ireland have a PPS (Personal Public Service) number for tax purposes. The PPS number is issued by the Department of Social, Community & Family Affairs. This is your unique number for all dealings with the Public Service  (e.g. applying to the tax office for a tax credits certificate, applying to the Department of Social, Community, and Family Affairs for a Social Welfare payment scheme etc.  Before registering with the Income Tax Office, it is necessary to obtain this number.

As a result of current Covid-19 restrictions in Public Offices, you must apply for your PPSN online through MyWelfare.ie.  https://services.mywelfare.ie/en/topics/accessing-public-services/

Full instructions  on how to register for Income Tax as a UCC Employee can be found here: How to Register Your Employment with UCC

Banking Information

As salaries are payable into a bank account nominated by a staff member, new members of staff who have not previously been resident in Ireland will need to open a bank account.  There is a branch of Bank of Ireland on campus located on Level 1 of the Student Centre. There are also branches of various banks within walking distance of campus, including AIB on College Rd.

In order to open a new account, the bank will require confirmation of the staff member’s current permanent address (i.e. Cork address - by way of a utility bill, car/house insurance, tax/social welfare documentation etc.)

If a new staff member does not have this documentation, some banks will also accept a letter from UCC confirming the staff member’s Cork address.  Please contact  the Human Resources Department to obtain this letter, ext 3603 / hrqueries@ucc.ie

However in addition, the staff member should also bring some documentation with them to confirm their permanent address prior to moving to Cork i.e. driver’s licence, bank statement, or current utility bill. The address confirmation is required in addition to photo ID by way of the staff member’s passport, driver’s licence to open the account

The following are the banks in Ireland -

Human Resources

Acmhainní Daonna

Ground Floor, Block E, Food Science Building, UCC

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