# Liability on Redundancy money ?



## jigsaw (31 May 2008)

hi, my job with whom i have been working the last 5 years is relocating to a new site. they have offered all staff 7 weeks redundancy per year or the option to move(but you need to sign a new contract). your weeks are based of an average of your previous 12 weeks worked (including overtime) so i average about 1000 euros per week which makes 7000 per year x 5 years = around 35000 euros. this is voluntray redundancy and its my 1st redundancy(if i take it) i have been on www.revenue.ie to find into about tax liabilty but its just all jargon to me. Can anybody on here tell me how much would my tax and/or PRSI liability be on 35,000 euros. i really dont know whether to take it as i dont have any qualifications and the money is quite good but the new location would be over an hours drive for me which will hit me quite hard soon with the ever rising cost of petrol.


im also thinking that if i take the money it could be an opportunity for me to get myself some sort of qualifiaction and give me a bit of breathing space. i do have a mortgage which is 950 per month but i could always rent out a room to help me out. 

so if anybody could tell me my tax/prsi liability on 35k that would be great?
(also i have been paying into the company pension for the last 4 years but not sure if this effects how much tax i pay or not)

opinions/comments welcome

thanks in advance

jigsaw


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## Guest120 (31 May 2008)

http://www.citizensinformation.ie/c...ax-in-retirement/retirement_lump_sum_taxation


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