Means Testing - Savings threshold for Jobseekers Allowance?

rinnin

I'm a professional who has had to sign on due to the governments embargo on helathcare jobs. I filled in all the forms at my local office last week but didnt bring a bank statement with me and was wondering if there is a cut-off point where you will not receive Jobseekers Allowance? I also have an SSIA and dont want to risk prosecution by not declaring it but I couldnt find any info on the welfare site about maximum savings limts etc and the office never answer the phone?
Anyone know how much you're allowed have in savings to get Jobseekers Allowance?
Thanks

The_Hustler

They mentioned something to me about there being an investigation if it's over 10 grand.

rinnin

Oh well. So much for doing the clever thing & getting an SSIA.
What if you plan to put your savings into your future business?
I suppose I might be able to state my case at the interview in 2 months time.

very miffed dub

As far as I know you are allowed to have up to €20,000 in savings/investements before means are assessed against the remainder of it.

After €20,000, means are assesed as €1 per €1000 (€20,000 to €30,000), €2 per €1000 (€30,000 to €40,000) and €4 per €1000 on amounts greater than €40,000.

http://www.inou.ie/download/pdf/working_for_work_2008_sept08.pdf - page 17.


Capital and Property not Personally Used and Enjoyed
Capital (savings and investments) and the value of property owned but not personally used or enjoyed is assessed as means.

Where capital or property is assessed on this basis, any income received from its use (e.g. interest on savings, dividends from shares, rent from property let) is not assessed as cash income.

Calculation of weekly value of Capital/Property:

The following formula comes into operation at the date specified for each scheme:

From 7 April 2005 - Carer's Allowance
From 1 June 2005 - Jobseeker's Allowance / Disability Allowance / Pre-Retirement Allowance / Farm Assist
From 2 June 2005 - State Pension (Non-Contributory) / Blind Pension / Widow's or Widower's (NC) Pension / One-Parent Family Payment / Guardian's Payment (Non-Contributory) / Deserted Wife's Allowance / Prisoner's Wife's Allowance
* Formula:
Weekly Means

First €20,000 Nil

Next €10,000 €1 per €1,000

Next €10,000 €2 per €1,000

Excess of €40,000 €4 per €1,000

This is taken from http://www.welfare.ie/foi/meansassess.html.

Hope this helps.

rinnin

Thanks for that but I'm still not sure what that means.
Does that mean for every €10,000 in savings you get €1 less in benefits per week? So if the Jobseekers allowance is €100 per week you get €99?
There must be a cut off point as Dolores McNamara with her millions could apply for benefits?

The_Hustler

I don't think there would be, the view would be taken that Dolores has enough means to get by without benefits.

rinnin

I read that document about savings and that "€10,000 in capital savings equals €1 means per week".....But they still dont explain what THAT means (i.e. means means).

Does it mean for every €10,000 in savings you get €1 less in jobseekers allowance per week e.g. €100 - €1 or am I way off the mark?

The_Hustler

That's what I gather. They assessed my parents' income as I am under 25 and gave me a means based on a formula and my payment was reduced by that. So your payment is reduced by your means.

rinnin

Ah sure thats not too bad then. Dont feel too bad about declaring my emergency SSIA money then.
Can anyone else confirm this?

gurramok

rinnin wrote:

Does it mean for every €10,000 in savings you get €1 less in jobseekers allowance per week e.g. €100 - €1 or am I way off the mark?

Looks that way to me for 20k-30k saved. Worse at €2 per 1000 from 30k-40k and monstrous after 40k!

So anything over 20k saved has to be put under the mattress then, nice

rinnin

...and a risk of prosecution if you "forget" to mention an account?