Losing your job

What to do if you lose your job?

If you lose your job, the most important steps are to understand your rights, secure any income you’re entitled to and get your finances under control as early as possible. You may be entitled to redundancy pay, tax refunds or social welfare supports, depending on your circumstances, and it’s important to claim these promptly.

Reviewing your budget, prioritising essential bills and dealing with debts early can help reduce financial stress, especially if you receive a redundancy lump sum. This page helps you take practical steps to manage your money and shows where to get free advice if you need it, helping you stay financially stable while you plan your next move.

To get back on track financially, here is a 4-step guide to help you.

Step 1 – Know your rights at work

Your rights depend on how you lost your job. 

• Redundancy: Your job is gone and won't be replaced.
• Dismissal: You were let go, but someone else could be hired for your role.

If you think you were dismissed unfairly, contact the Workplace Relations Commission.

If you were made redundant, you might get a statutory redundancy payment. To qualify, you must:

• Be over 16
• Have worked for your employer for at least two years

Learn more from the Workplace Relations Commission and use the Redundancy Calculator from the Department of Social Protection.

Your employer should give you:

• Notice period – check your contract
• Form RP50 – only if you're being made redundant. Here is more information on Redundancy Payment Scheme.

What has replaced the P45 and P60 forms in Ireland?

• When you leave a job, your employer now sends your final pay and tax details directly to Revenue. 
  
• Sign in to Revenue.ie and go to your myAccount, where this information is available under the Employment Detail Summary section.
• This Summary replaces both the P45 and P60 forms. You can use it for tax refunds, social welfare applications and when starting a new job.
• Log in using your PPSN and password, or
• Use MyGovID if you’ve verified your identity

If your employer asks you to take a pay cut or work fewer hours, you must both agree to it. Your pension might be affected too. You can find out more on Citizen's Information on losing your job. CCPC has information on employer pension plans and personal pension plans. 

Step 2 – What are your tax and social welfare entitlements?

If you become unemployed, make sure you're getting all the benefits you're entitled to.

Tax:

• You might be due a tax refund.
  
• Visit Mywelfare.ie for details

Social welfare:

• Jobseeker’s Benefit: If you've paid enough PRSI.
• Jobseeker’s Allowance: This depends on your income and savings.
• Jobseeker’s Benefit for the Self-employed (JBSE): A payment available to self-employed individuals aged 18 to 66 who have stopped working for themselves and have made sufficient Pay-Related Social Insurance (PRSI) contributions.

If you don’t qualify for these, you may be eligible for Basic supplementary welfare allowance, which can include:

• Basic payment
• Rent or mortgage supplement
• Exceptional needs payment
• One-off needs like back-to-school clothing and footwear allowance

Go to Gov.ie to find out if you might qualify and for details on rates of payment and how to apply. For more on supplementary welfare schemes, go to Citizen's Information. 

Step 3 – How do you manage your money and deal with debt?

Losing your job can bring worry and stress into your life.  There are people who can help and these steps can make you feel more in control:

• If you're struggling with mortgage payments, read the CCPC's advice on mortgage arrears
• Do a Financial health check to understand your finances over the next year
• Make a new budget, go to the CCPC budgeting advice 
• If you get a redundancy lump sum, budget it carefully
• Check if you have payment protection insurance
• Consider switching utilities to a budget account
• Contact your lender early to discuss options like payment breaks or debt consolidation
• Use CCPC Debt checklist to find out which debts to pay first
• If you find yourself in serious debt, contact MABS (The Money Advice and Budgeting Service) for free, confidential help
• For emotional support, you can talk to the Samaritans

Step 4 – What to do with a redundancy lump sum?

If you receive a lump sum, you may want to save or invest it. We suggest that you explore all options for saving, investing, and understand the risks involved. If you decide to save it, The EU and Central Bank of Ireland’s Deposit Guarantee Scheme protects up to €100,000 in authorised financial institutions.

Alternatively, you may want to use your lump sum to clear debts – this could save you more in the long run, especially on amounts with high interest rates such as credit cards or car loans. 

How can you protect yourself from scams after losing your job?

Fraudsters often target people who have lost their jobs. Be careful – only use financial advisors or institutions that are regulated and listed with the Central Bank of Ireland before you deal with them or disclose any of your personal information or circumstance to them. Never pay money upfront to someone claiming to be a potential employer or a financial advisor. 

Further information 

For information on looking for work, education, training and returning to work, go to Citizens Information.