Voluntary Redundancy

mirwillbeback

Hi,

I am currently working in Ulster Bank, you might have heard something about us in the news.

I am here 8 years in May, redundancy offered is coming to about 73k with 2 dependants including a 8,500 " retraining " grant.

Really not sure what to to, don't like the place and am not ambitious, but have an excellent reputation in here and earn about 49k a year. Have two kids and the gf doesnt work ( by choice ) to allow her look after the lads.

In my whole adult life, I have two weeks on the labour when I turned 18 in 1992, and have worked and paid paye and prsi every since.

Does anyone know how much I would be entitled to on the Social Welfare if I was to take this offer?

Would be very grateful for advice.

Thanks a million,

Paul

Happy Monday

You basis jobseeker allowance is EUR200 per week.
I'm sure with children/dependents this will rise by EUR50ish per week.

Ginger83

You will not be allowed to claim however for a number of weeks due to your redundancy amount. A friend of mine was in the same situation. Once your redundancy goes over 50k there is a period of week or weeks depending how much you get redundancy for which you can claim

Santa Claus

Ginger83 wrote: »

You will not be allowed to claim however for a number of weeks due to your redundancy amount. A friend of mine was in the same situation. Once your redundancy goes over 50k there is a period of week or weeks depending how much you get redundancy for which you can claim

Taken from Welfare site here

From 1st February 2007, if you are under 55 and get a redundancy payment of more than €50,000 you will be disqualified from claiming Jobseeker's Benefit for the following lenght of time:

Amount of Redundancy Payment Period of Disqualification
€50,000.00 - €55,000 1 Week
€55,000.01 - €60,000 2 Weeks
€60,000.01 - €65,000 3 Weeks
€65,000.01 - €70,000 4 Weeks
€70,000.01 - €75,000 5 Weeks
€75,000.01 - €80,000 6 Weeks
€80,000.01 - €85,000 7 Weeks
€85,000.01 - €90,000 8 Weeks
€90,000.01 and over 9 Weeks

Amazed how much this has gone up by, when I was made redundant in 06 I got 20k and couldn't claim for 8 weeks !

Even though you won't be entitled to a payment for 5 weeks it is important to sign on for stamps as soon as you get made redundant so there is no gap in your PRSI records !!

Also make sure you don't get classed as voluntary redundancy by your HR dept when filling in the forms, mine made this mistake (I was selected for redundancy rather than volunteering) and this mistake caused no end of hassle with payment protection policies on mortgage and Credit card not wanting to pay !

tomred1

I beleive that that there should be no disqualifiecation on redundancy payments ask you are taxed on it also.If you are over €50k it does not mean you payment will be disqualified for x number of weeks. If you say on your claim form that you have loans to pay off and that will reduce your redundancy payment to under €50k your claim should not be disallowed. They may ask for proof of loans etc.

Taken from Welfare.ie site:
In cases where the customer intends to use some of the redundancy payment to clear or reduce debts which have accrued, it is reasonable for Deciding Officers to offset these debts against the amount received before determining an appropriate period of disqualification, e.g. arrears of mortgage or rent, arrears of telephone/electricity/gas bills and particularly debts to moneylenders. Regard may similarly be had to costs related to any exceptional needs, e.g. the cost of converting the customer's home to facilitate wheelchair access by a family member. Deciding Officers should verify that such liabilities have been cleared (i.e. the amounts actually paid) before offsetting them against the redundancy payment received.
Link:http://www.welfare.ie/EN/OperationalGuidelines/Pages/jb_jobseekben.aspx