Unemployment Assistance Means Test and Investments

Discussion in 'Redundancy, unemployment & jobseekers entitlements' started by PaoloZ, Mar 12, 2017.

  1. PaoloZ

    PaoloZ New Member

    Posts:
    1
    I Invested 40,000 last year in some investments that can not be cashed in for 3 years minimum.
    Money came from cashing in insurance policy which i had always looked upon as retirement
    fund. I am single man aged 48 & There is a possibility of losing my job which i have held
    for many years due to a mistake. If this happens i may find it difficult to find new job.

    I will be able to claim Unemployment benefit for full term.
    My question is about Unemployment assistance means test which takes Investment
    as Means. Will Social Welfare reduce amount payable due to these investments
    which i have no way of cashing in for some years yet?
    This would leave very little to live on so what are options?
     
  2. gipimann

    gipimann Frequent Poster

    Posts:
    4,577
    http://www.welfare.ie/en/Pages/Means-Assessment.aspx

    Have a look at section (e) under Capital on the above page, which deals with trust funds, pension funds, and how they are assessed.

    Your investments may be treated the same way, especially as you invested them prior to the possibility of losing your job.
     
  3. Gerry Canning

    Gerry Canning Frequent Poster

    Posts:
    2,516
    PaoloZ.

    Don,t panic ,
    1. I am fairly sure the first 20,000 in investments is disregarded , the other 20,000 is taken into consideration , but I think @ the rate of reducing by 1euro for every 1,000. ie max loss = e20 per week. (other posters will know)
    2. You havn,t lost the job yet .