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Jobseekers Allowance and savings

  • 06-10-2020 10:25pm
    #1
    NCW feen
    Registered Users, Registered Users 2 Posts: 128 ✭✭


    Was on jobseekers benefit until recently but that has now stopped. To qualify for jobseekers allowance must your savings be below a certain threshold? I'm single, live alone.


Comments

  • #2
    square ball
    Registered Users, Registered Users 2 Posts: 397 ✭✭square ball


    NCW feen wrote: »
    Was on jobseekers benefit until recently but that has now stopped. To qualify for jobseekers allowance must your savings be below a certain threshold? I'm single, live alone.

    No penalties for savings below €20k. For the next €10k is assessed at €1 per €1000 so if you have €25k you will be penalised €5 per week, €26k you will be penalised €6 per week etc.

    Then for next €10k you are penalised €2 per €1000 and the balance €40k plus is assessed at €4 per €1000.

    So depending on your rate you may still qualify for a reduced payment if you have savings more than €20k


  • #3
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 84,686 ✭✭✭✭Atlantic Dawn
    M


    Yes €20k is the figure that it starts to count, they will look for bank statements for previous 6 months to verify you havn't withdrawn it all recently.


  • #4
    Saudades
    Registered Users, Registered Users 2 Posts: 383 ✭✭Saudades


    This website is in-depth and should give you all the info you need;
    https://www.citizensinformation.ie/en/social_welfare/irish_social_welfare_system/means_test_for_social_welfare_payments/means_test_for_jobseekers_allowance.html

    I get that the government want your cash in the economy instead of you saving it, but the JSA means-test does appear to penalize you for sensibly saving your income during your previous employment.


  • #5
    square ball
    Registered Users, Registered Users 2 Posts: 397 ✭✭square ball


    Saudades wrote: »
    This website is in-depth and should give you all the info you need;

    I get that the government want your cash in the economy instead of you saving it, but the JSA means-test does appear to penalize you for sensibly saving your income during your previous employment.

    Hardly fair that the state maintains you if you have millions in the bank?


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