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Made redundant/ savings and JSA
asset2004
Posts: 2,453 Forumite
I am in the process of being made redundant. I have checked the directgov website about jobseekers allowance.
It says that if you have over £16,000 savings then you are not eligible. Is this correct? As I will be getting a redundancy package and have a small savings account that will make my funds go above £16k.
It says that if you have over £16,000 savings then you are not eligible. Is this correct? As I will be getting a redundancy package and have a small savings account that will make my funds go above £16k.
Life is a coin, you can spend it anyway you wish, but you can only spend it once.
Go as far as you can see, and when you get there you'll see further.
Take time but don't waste time
Go as far as you can see, and when you get there you'll see further.
Take time but don't waste time
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Comments
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Assuming you have been in work for the past few years, you will qualify for conts based JSA, which is payable for 26 weeks and does not take into account your savings.0
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Thanks, Yes I've been working the last 15 years continually in the same jobLife is a coin, you can spend it anyway you wish, but you can only spend it once.
Go as far as you can see, and when you get there you'll see further.
Take time but don't waste time0 -
You will have enough NI for JSA for 26 weeks then its based on savings etc.Thanks, Yes I've been working the last 15 years continually in the same job
Good luck in the meantime for the job huntWe’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com0 -
You could also qualify for ESF Skills Support for Redundancy funding for re-training to help get back into work (if required). Contact your local FE College to find out if they have access to this fund.0
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jacques_chirac wrote: »Assuming you have been in work for the past few years, you will qualify for conts based JSA, which is payable for 26 weeks and does not take into account your savings.
And on another note at the end of the 26 weeks conts based JSA and you are still looking for a job do your savings come into account then ? what happens if you still have more than £16,000 savings will this affect your JSA0 -
And on another note at the end of the 26 weeks conts based JSA and you are still looking for a job do your savings come into account then ? what happens if you still have more than £16,000 savings will this affect your JSA
You can't get income based after the 6 months contribution JSA finishes if you have over £16,000 in savings and or a partner/spouse who works.
Between £6,000 and £16,000 there is a sliding scale.Lost my soulmate so life is empty.
I can bear pain myself, he said softly, but I couldna bear yours. That would take more strength than I have -
Diana Gabaldon, Outlander0
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