Redundancy, what would it take for you?

SpeedFreak · 14 Dec 2016 at 20:01

How many months take home salary before you would consider accepting it? 3, 6, 9, 12 or more?

We have a round going on at work at the moment and I have an offer that is very good, but also an alternative role that I will be offered interally (application was underway before the announcement). I don't need the money, I like the new job and the experience will be great. I could however leave and find a new role on similar money elsewhere within a short period of time.

It is quite funny, I would never have considered it but when the number is starkly put on paper there is a degree of temptation.

Jono · 14 Dec 2016 at 20:13

Are you certain you could find a new role easily?

sigma · 14 Dec 2016 at 20:15

Is it more than a years salary? I can't say I've ever heard someone say that they don't need the money especially if it's so easy to get another job.

darkgen · 14 Dec 2016 at 20:18

Most companies only offer the statutory minimum don't they? This has recently been increased from 12 to 20 weeks I believe. Your age dictates at what multiplier each weeks is calculated at whether it be 0.5 / 1 or 1.5.

ElliorR · 14 Dec 2016 at 20:20

A little over 2 years ago I took voluntary redundancy at 1.5 years take home and now have a job I enjoy, as much as I'll ever enjoy working for a living, after 30 years in food manufacturing which was pretty stressful towards the end as dealing with far too many idiots who are just there for the cv entry is frustrating. So is dealing with the likes of Tesco. It was a bit if a risk as I'm not getting any younger but, fortunately, it paid off and I now work in the motorcycle industry. Tomorrow I'm going to a major bike manufacturer for the day which should be interesting.

SpeedFreak · 14 Dec 2016 at 20:21

I am confident I could find a new job soon but there will be room to grow if I stay.

Don't get me wrong, the money would be nice and would be over 12 months take home but we are already financially comfortable. I don't expect to accept the offer but in all honesty I never thought I would even consider it, however the terms are generous. It really got me thinking about how much would it take for me to leave. I actually don't know the answer.

hornetstinger · 14 Dec 2016 at 20:26

take if if you get redudancy and a job straight away you are taxed an insane amount?

SpeedFreak · 14 Dec 2016 at 20:31

£30k tax free, the rest at your normal rate.

paradigm · 14 Dec 2016 at 20:32

hornetstinger said:
take if if you get redudancy and a job straight away you are taxed an insane amount?

Not necessarily, the first £30,000 of redundancy pay is tax-free.

Akagi · 14 Dec 2016 at 20:36

I'd seriously consider 3 months because I despise where I work and would love an excuse... Though it would probably take 5 or 6 to actually get rid of me.

Craig321 · 14 Dec 2016 at 20:40

I'd push for as much as possible but probably take 3. It'd force me to find something new which would be good

sigma · 14 Dec 2016 at 20:43

What's the reason behind the redundancy? Poor performance?

Participant · 14 Dec 2016 at 20:44

Probably not less than a year, as then I could travel for 6 months and still have 6 months to find another job.

sigma · 14 Dec 2016 at 20:44

I know people who have engineered a redundancy payout then gone onto contracting at the same company... easy money.

SpeedFreak · 14 Dec 2016 at 20:55

sigma said:
What's the reason behind the redundancy? Poor performance?

Haha, no. There are wider changes and I was given the objective of closing my role through systems implementation this year with a plan for me to move in early 2017.

sigma · 14 Dec 2016 at 21:14

SpeedFreak said:
Haha, no. There are wider changes and I was given the objective of closing my role through systems implementation this year with a plan for me to move in early 2017.

Not you, the company.

MooMoo444 · 14 Dec 2016 at 21:14

Even a years pay I don't think I would be tempted for, job searching is just too much hassle

Pawnless Endgame · 14 Dec 2016 at 21:37

Sheesh, you guys getting 3 months or more?!

When I got made redundant in 2009, I was given 1 week's pay for every year I've worked there. 6.5 years worked = 6 weeks pay. 6.5 was rounded down to 6. Another guy who had worked 1 month shy of 4 years was rounded down to 3 :mad:

SpeedFreak · 14 Dec 2016 at 21:38

sigma said:
Not you, the company.

Just a restructure, company performance is good but the future business simply does not require the numbers it had.

D.P. · 14 Dec 2016 at 21:47

For 12 months I would, an easy 6 figures would do nicely.

Would also depend on the reasons for the redundancy, typically if the company is under-performing then that is a red flag fr the future. Expect limited pay rises and bonuses in the future and the prospect of going unemployed with little notice and no redundancy.