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Signing on - how does savings affect me
SALOPMAN
Posts: 524 Forumite
I shall be signing on at end of sept and I assume i will be going on the adult JSA Contributions to start with - this i thinkis 71 a week? Im confused if you have savings what level does this start affecting the benefits?? It says on some help sites you are allowed up to 16k but then says it starts affecting you over 6k of savings?? anyone have any knowledge???
Better to light a candle than to curse the darkness. :beer:
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Comments
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You should be more clear about your circumstances. Savings won't affect JSAc0
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Savings don't affect contribution based JSA which is paid for the first 6 months if you have paid enough National Insurance in the relevant tax years (10/11 and 11/12 for a claim now)
After that they will apply a means test to see if you qualify for Income Based JSA. The income and capital of you and any partner is taken into account. Savings up to £6k are ignored. £6k to £16k affects entitlement by assuming an income from capital of £1 pw for every £250 over £6k. £16k and over means you can't claim Income based JSA
https://www.gov.uk/jobseekers-allowance/what-youll-get0
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