Theresa Ahearn
Ceist:237 Mrs. T. Ahearn asked the Minister for Social Welfare whether interest received from a redundancy payment is included in means testing for social welfare entitlements; and if he will make a statement on the matter.
Written Answers. - Social Welfare Means Test.
In means testing applicants for a social assistance payment, the value of a redundancy payment is assessed in the same manner as other capital. The assessment system is not related to interest actually earned but rather is based on a notional income from the capital.
A 5 per cent of assessment is applied under the Unemployment Assistance scheme to amounts up to £400. A 10 per cent rate of assessment is applied to amounts of capital over that amount. The yearly value thus arrived at is divided by 52 to give the weekly value of the capital to the claimant.