Recently Unemployed / Savings

Have been recently made unemployed after working with a firm for over 5 years. Have been advised that by employer that i must go to Social Welfare in the next few weeks after receiving redundancy.

Will i qualify for Job Seekers Benefit for the first 12 months as i have over 5 years paid PRSI etc.?

I also have a lump sum of 40K in savings. Will they take this into consideration for job Seekers Benefit.

Should i take out this 40K now and keep it at home incase i would be means tested for full dole benefits after 12 months on Job Seekers benefit.

Any advice appreciated.

You will get job seekers benefit - and capital or redundancy payments are not taken into account. If you get redundancy lump sum you may not be able to get JSB for a few weeks ( see here http://www.citizensinformation.ie/c...yments/unemployed-people/unemployment_benefit

After 12 months if you are still out of work and go on jobseekers allowance - the capital is taken into account. The first 20k is ignored and the next 20k is treated as producing 1 euro a week income for each 1k - ie 20k = 20 euro a week. This 20 euro is included in your income total for the means test - so it will not stop you getting almost all your jobseekers allowance.
PS Taking the 40k out of the bank doesn't mean you haven't still got it does it?

Yes, but if i took it out then Revenue would not be able to means test on this lump sum

Yes - but you would have to lie on the application form!
(It's not Revenue - it's Social Welfare)

Just like the Government and Banks constantly lie to us eh Irishlinks!

Find a way of making sure that you don't have more than 20k in savings if and when you have to apply for JSA in 12 months time.

I am closing this thread as the tone and advice is negative and bordering on incitement to commit SW fraud. The poster can find appropriate advice for original post in the keypost at top of this forum.