If you are considering terminating your employment through an early/voluntary redundancy scheme you may wish to consider the following:
** If after the lapse of the six months you are still unemployed, registering under the Part I of the JOBs+ register, you are granted unemployment benefits (UB) and awarded with social security unemployment credits (which are equivalent to paid social security contributions) under the Social Security Act.
It is always advisable to pay contributions up to retirement age (if Option (A) is chosen) and to pay these six months (if Option (B) is chosen) at the lowest rate of a self-employed person (SA) so as to avoid having any missing contributions in the national insurance record. Gaps in the contributions history sheet can have a negative effect on benefits entitlement, including pension.
The bills are sent, upon your request, and will illustrate three tables each, payable in April, August and December. Payments are due to the Commissioner of Inland Revenue, Floriana. The cash office at the Inland Revenue Department receives payments. However one may also opt for the electronic gateway (internet banking) or even by cheque. Once paid, copy of receipts need to be sent to the Department of Social Security to update the social security contributions history sheet.
For persons registering under part I (Option (B), as already mentioned, it imperative that registration under part I continues uninterruptedly until pension age is reached or until employment is restarted. Social security contributions need not be paid after 6 months, unless registering for work is stopped.
Never hesitate to contact 153 should you require further information.