Are savings taken into consideration for job seekers allowance?

[François]

Hi, I am fortunately still in employment. Is it correct that if a person has savings of more than €20,000 they are unable to claim job seekers allowance?

 

[Bob the slob]

Probably but how will they knwo you have that much savings? They cant access it and i dont think its a question on the form either. Just dont volunteer any info to them. Let them ask you everything, then answer.

 

[irishlinks]

If you have been in work for and paid PRSI for 5 years - and become unemployed - you will be entitled to Jobseekers Benefit for a year which is not means tested - so capital does not matter. (Redundancy payments over 50k will not prevent you qualifying - it just delays your payments starting for up to 9 weeks)

If you have not paid enough PRSI you will get Jobseekers Allowance which is means tested . Capital of up to20K is ignored . Above 20k they calculate weekly income from the capital and reduce your allowance accordingly see here for rates.
http://www.citizensinformation.ie/c...s-test-for-social-welfare-payments/means-test

Don't do what bob the slob suggests - if everyone did that (and plenty are) the country will end up in a worse mess than it is already.

 

[nesbitt]

Paperwork required can be 6 months bank statements....

So don't trip yourself up unneccessarily.

When savings over 20k are only deducted using formula and not euro for euro....

Oh what a tangled web we weave when first we practice to deceive

 

[Pennyscraper]

Probably but how will they knwo you have that much savings? They cant access it and i dont think its a question on the form either. Just dont volunteer any info to them. Let them ask you everything, then answer.

Wrong Bob, it is on the form. Which you fill in long before they interview / means test you. And you must sign it as being accurate. Note it asks about savings, but doesn't worry to ask abiut your loans!!