Benefits After Losing Your Job

What are the Benefits After Losing Your Job in the UK?

Have you lost your job recently and are facing a financial burden? Then there are some state benefits after losing your job in the UK.

In this blog, we will provide information regarding the benefits you can apply for after losing your job. We will guide you through the eligibility criteria and other requirements. In addition, you will also be given the payment rate set by the government for the current year. But let us first see why the government provides these assistance programmes.

 

If you are looking for more information about state benefits, visit Accotax!

 

Why Does the Government Provide Benefits for the Unemployed?

The government understands that living in the UK can be expensive. In addition, the government needs to ensure that the economy is always functioning. But if there is a high unemployment level, it results in lower consumption. Moreover, crime levels rise, which further damages the economy. Therefore, the government provides support to help the unemployed citizens with:

  • Basic needs such as food, shelter, and clothing.
  • Finding new employment opportunities
  • Reducing financial burden.
  • Enhancing the quality of life

 

Apply for These 3 Benefits After Losing Your Job

The above section has clarified why you can claim benefits after losing your job in the UK. Now, let us get to these benefits. Read each detail to have a good understanding of what benefit you should be applying for.

 

1. Jobseeker’s Allowance (JSA)

If you have lost your job and are currently looking for a new one, you might be eligible for a jobseeker’s allowance. To qualify for this benefit, you must have worked as an employee and paid Class 1 National Insurance Contribution for at least 2–3 years. In addition, the applicant must be over 18, under the state pension age, and open to work.

Under the JSA, you will be provided up to £67.20 if you are under the age of 25. However, if the applicant is 25 or over, the amount provided will increase to £84.80 per week.

 

2. Universal Credit

Universal Credit is a broad scheme that is provided to the citizens of the UK. This is one of the major benefits of losing your job that the government provides. To qualify for this benefit, you must be living in the UK, aged at least 18, and under the pension age. In addition, you must have less than £16,000 or less in money, savings, and investments.

This scheme provides you with a £292.11 monthly allowance if you are single and under the age of 25. If you are over 25 and single, you will be given £368.74 per month, but the allowance rate changes for couples. If both partners are under the age of 25, they are provided with £458.51 collectively. However, if either of the partners is over 25, the amount is raised to £578.82 per month.

 

3. Housing Benefit

Housing benefits are provided to unemployed individuals who have reached the state pension age. If you have lost your job due to your age and are currently living in sheltered or sheltered housing, then you can apply for this benefit.

Under this scheme, the amount you get depends on several factors. The government assesses how much should be paid to you depending on the house you have rented and its location. The payment is not provided to you in cash, but instead, it is transferred to your rent account.

 

If you require more information, contact us!

 

Let’s Wrap it Up!

There are three main benefits after losing your job that you must apply for. These state benefits are provided to ensure that you have all your basic needs, such as food, shelter, and clothing. The rates vary from scheme to scheme, and you must fulfil the mentioned criteria to get the payments.

The first benefit after losing your job is the JSA. This benefit is provided to those who have lost a job recently and are seeking new working opportunities. The second is the Universal credit, which is paid monthly to the residents of the UK. To be eligible for this scheme, you have to prove to the government that your earnings are less than you require to fulfil your basic needs. But if you have lost your job due to your age and do not have a proper residence, you should apply for the Housing Benefit. Under this scheme, the government will not give you a check but instead transfer the amount into your rent account.

 

We at Accotax understand that it can be difficult to understand all of the complicated requirements. Click here to book a meeting with our experts now!

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