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
We then use the following formula.
|€20,000 - €30,000
||€1 per €1,000|
|€30,000 - €40,000
||€2 per €1,000|
||€4 per €1,000|
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
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 (at current 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.