Redundancy and JSA

bobhail

I have been told that my job may be at risk and will be told in a couple of weeks.:( Been there for 15 years aswell

My query is.......
I will be getting approx £6500 redundancy and i also have redundancy insurance which will be paying £800 a month.
Will i be entitled to JSA until i find another job (hopefully not too long)??
I have a mortgage and am married with two kids. The wife brings home approx £900 a month

Pitchshifter

I think you'd qualify for contribution based JSA for the first six months (182 days) based on your NI contributions for the last 2 years.

I've also been looking into this, just in case I'm made redundant soon, as I'm in a very similar situation having been working for about 15 years. I dont have insurance but do have a lot of savings that would count as income (the interest from it might).

Anyway, if you've been contributing for the last 2 years or more, they don't need to know about other income. After the 182 days if you still need to claim JSA, it's income based and I expect £800 p/m would make you very ineligible to claim.

You can but try.

getmore4less

Don't forget you will also be on min 12weeks notice with >12years service.

amanda40

PILON does not come into it as far as Conts based JSA goes. Check out Childrens Tax Credits too - we will loose out this year as DH got made redundant,( so it is classed as income) but our entitlement will go up from April onwards as it is only interest on savings that is taken into consideration and not the savings themselves.

anamenottaken

amanda40 wrote: »

PILON does not come into it as far as Conts based JSA goes. Check out Childrens Tax Credits too - we will loose out this year as DH got made redundant,( so it is classed as income) but our entitlement will go up from April onwards as it is only interest on savings that is taken into consideration and not the savings themselves.

Think it's notional interest on the savings - and that notional interest may be quite high compared with actual interest likely to be achievable.

ceridwen

anamenottaken wrote: »

Think it's notional interest on the savings - and that notional interest may be quite high compared with actual interest likely to be achievable.

Quite!

I think the figures are that they deduct £1 "notional interest" per week for every £250 of savings. In other words they assume EXTREMELY high interest on savings:eek:

With the amount of savings allowed being restricted to only £6,000 people have worked out a variety of strategies to deal with this - very well-stocked food cupboards and general household supplies is the first one that springs to mind. I suggest that you get well stocked-up BEFORE you actually get told officially that you are redundant.

Correct me if I'm wrong - but I believe people are only allowed to spend their own savings over and above that £6,000 limit if it is something that the DWP would deem strictly necessary and one keeps the receipt to show them to prove that that is where your own money went...
(hopefully they dont start whinging about just how much money one can spend on a necessity - I'm not unemployed currently but aware of my job being precarious and my washing machine needing replacing soon and my decision is anyway to replace it with a very good-quality one, rather than a fairly standard one. I certainly wouldnt want them quibbling because I had spent £600, rather than £200 - in order to have better "value for money").

amanda40

Does this notional interest rule apply to CTC and WTC also?