Unemployment benefits

Zak64

Hello, 
my understanding is that if you have more than 16k in savings and you've lost your job (not for personal reasons), the best you can get is new JSA. In many other countries in Europe, the benefit is partially proportional to your last salary (with %s ranging from 50% to 90%), capped sometimes, and irrespective of your savings. Is my understanding correct or I am missing something?
Thanks in advance,
Zak

Caz3121

that is correct - as per your previous thread https://forums.moneysavingexpert.com/discussion/6502317/affected-by-redundancy-with-50k-in-savings-and-mortgages-can-you-ask-for-benefits#latest
what happens in other countries is not relevant

Grumpy_chap

Zak64 said:

Hello, 
my understanding is that if you have more than 16k in savings and you've lost your job (not for personal reasons), the best you can get is new JSA. In many other countries in Europe, the benefit is partially proportional to your last salary (with %s ranging from 50% to 90%), capped sometimes, and irrespective of your savings. Is my understanding correct or I am missing something?
Thanks in advance,
Zak

Yes, that is correct, you will not be able to claim UC.

Assuming you have a sufficient NI contributions record, you will be able to claim the contributions-related element of nJSA.  You will also get support from the Work Coach to securing your next job.

What happens in other countries is irrelevant as you have not paid tax into those other countries.

Did you (or your past-employer) make payments into a Income Protection Policy (they exist under various names)?  These types of optional, private policies do make a payment for a period of time related to a percentage of salary.

If you are fortunate enough to have savings, some of that is an emergency fund and this is the time to use the fund.  Do the savings include any payment from the previous employer, redundancy?  If so, the very purpose of redundancy is to soften the landing and carry you through a period following the event.  Redundancy is not there to make individuals rich.

poppy12345

I’m not sure what other countries have to do with our country. This forum is about help with benefits and not about benefits policy as indicated in the sticky at the top of the forum. 

peteuk

As above you can claim JSA if you have the required NI. Contributions.  It is expected that you live off your capital until it drops under £16K. At that point you can claim UC, however anything above £6K will reduce your claim by £4.35 per £250.

Muttleythefrog

Zak64 said:

....
 Is my understanding correct or I am missing something?
Thanks in advance,
Zak

Understanding seems correct (at least on domestic benefits - I assume you have no overseas entitlements). All I can think of otherwise is if you have disablements that qualify you for PIP (disability benefit) or New Style ESA (alternative to new style JSA) if you have limitation in ability to work/are unable to work due to illness/disability. I presume these issues are not relevant to you? PIP, N-S JSA and N-S ESA are all not means tested. 

But you've received good advice on two threads.