When working out your means from savings and investments we first add together the following items:
- cash value of investments and property (excluding your home)
- money in any savings or other type of account and
- cash-in-hand.
We then use the following formula.
Formula
Capital: |
Weekly means assessed: |
First €20,000 |
Nil |
€20,000 - €30,000 |
€1 per €1,000 |
€30,000 - €40,000 |
€2 per €1,000 |
Over €40,000 |
€4 per €1,000 |
Example:
You are a qualified parent with three qualified children and have savings and investments of €35,000, but no other income.
| Amount of savings: |
€35,000 |
| Minus first €20,000 (disregarded): |
€20,000 |
| |
€15,000 |
| Balance of €15,000 is assessed as follows: |
| €10,000 is assessed at €1 per €1,000: |
€10.00 |
| €5,000 is assessed at €2 per €1,000: |
€10.00 |
| Weekly Means: |
€20.00 |
In this example, you would get One-Parent Family Payment of €264.90 (2011 Rates) a week (a personal rate of €175.50 and three increases for a qualified child, €29.80 each).
For more information, log on to 'www.welfare.ie'.