Redundancy

Been through all this recently, so I feel your pain :(

My company kept me hanging around for over a year at risk before I finally went. I had been there 27 years so had to suck it up while waiting for my redundancy package, which was considerable.

Was only out of work a week though, so there is always something else around the corner.
 
Camalot said:
Am I entitled to any benefit to cover any unemployment time if I take this offer?

I've applied for 6 jobs ready but who knows could take ages!

I'd be expected to leave July 19th
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Well, there's JSA but it's pittance and a pain in the butt
 
Sometimes if you get some decent people jsa can be ok ( i.e they realise your genuine and are not too bothered about what you're applying for) and it also pays the council tax ( well dosnt but both claims sent together )and the ni contributions
I'm been made redundant end of July , probably have a couple of months off then have a look


Edit . I mean their not bothered about what you apply or don't apply for
 
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Camalot said:
What I need to consider is if I take the pay off that will get me through 4 months of unemployment until the money runs out.

I will earn more money by staying in employment as it doesn't look likely that the estates team restructure will happen in the next 4 months, but that is a risk id be taking I suppose.

I'm tempted to ask for 6 month's pay and I'll go quietly tomorrow.

FYI I'm a Facilities Manager
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Remember its tax free (assuming you havent already) so you might not be that far off from the 6 months?
 
jimjamuk said:
Remember its tax free (assuming you havent already) so you might not be that far off from the 6 months?
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I'd check which parts are tax free and which aren't, but yes in principle your money might last longer than you initially thought as up to around £30k (IIRC) could potentially be tax free.

I've been through this a few times, it's a bit rubbish, but if you walk into a new job, consider the pay off a nice bonus. I've managed to buy 3 cars, supercharge one of them, start to turn one into a kit car and put a deposit on my house with the money I've saved from getting 4 lots of redundancy packages!
 
Redundancy is a bit of a joke.....isn't it something like a weeks money for every year worked lol

You worked for 5 years, and get a months money.....thanks! Good if you can walk into another job though.
 
Just used an online calculator ,anything over 8 k effects council tax payments but not contribution based jsa ,again not 100 percent I'm correct
 
TheOracle said:
Redundancy is a bit of a joke.....isn't it something like a weeks money for every year worked lol

You worked for 5 years, and get a months money.....thanks! Good if you can walk into another job though.
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Depends on you company. I got a really good package. Walked away with a huge amount of money.
 
Camalot said:
To put more context and figures to it, this is what they offered me.

I think statutory I get 5 weeks as I've been there 5 years, so about 2.5k

They offered 3k additional.

Then a bonus extra 2.5k if I accept this week, if I don't they will make me redundant a few months later anyway minus the 2.5k bonus.

In other words there trying to get me to go quick and quiet with a 2.5k incentive.

To feel comfortable I'd like 6months salary in my bank so there 4k short.

Also add they couldn't actually give me a timeline on the main redudency, so could be another 6 month's ?
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that seems decent.

Your company has no future for you, and they have made it clear they don;t want you so even if you were to fight them and go down some legal avenue which you might not win you would be ina company that despises you at that point.

If I were you I would take the 2.5k bonus and start immediately looking for jobs. However, make sure everything is written and clear. Emails and word of mouth is not sufficient.



the only expcetion would be if you think it will be incredibly difficult to find new work in a reasonable amount of time.In which case holding on until the inevitable redundancy buys you time in job searching.
 
TheOracle said:
Redundancy is a bit of a joke.....isn't it something like a weeks money for every year worked lol

You worked for 5 years, and get a months money.....thanks! Good if you can walk into another job though.
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My mate got paid £20k by the company I work for and got a better paid job before the redundancy period was even over, so yeah depends on the company.
 
Well I got about 45k payout, then walked into a higher paid job :)

Ok, so I now have faff of getting to Cambridge on the train every day, but I just have to deal with it :(
 
TheOracle said:
Why would companies do this though? Surely they'll try and get away with paying the bare minimum?
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Often it's cheaper than going through the process, especially if it's a dodgy reason.

E.g. my department got transferred to report into a different VP, just happened to be one I'd had a few run ins with. Funnily enough within a few weeks my role was being made redundant.

They knew it was dodgy ground and they'd have to spend weeks of HR and senior management time to ensure they were clear of any comebacks so they just made it worth my while to keep my head down by accepting the counter offer I made.
 
There's no future for you at the company, and you could quite easily miss out on decent job opportunities while sitting waiting for redundancy somewhere down the line.
If you can get another job fairly easily (doesn't have to be in the same line of work, I know ex managers who now dig roads or work in shops) then I would probably take the extra cash offered and move on.
Jobs aren't for life any more.
 
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