1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Redundancy

Discussion in 'General Discussion' started by Camalot, Jun 17, 2019.

  1. IvanDobskey

    Soldato

    Joined: Feb 2, 2010

    Posts: 7,427

    Location: East Midlands

    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.
     
  2. Delvis

    Caporegime

    Joined: Nov 7, 2004

    Posts: 28,021

    Location: Buckinghamshire

    Well, there's JSA but it's pittance and a pain in the butt
     
  3. IvanDobskey

    Soldato

    Joined: Feb 2, 2010

    Posts: 7,427

    Location: East Midlands

    They have you jumping through hoops for £73 a week. Complete waste of time.
     
  4. moon man

    Wise Guy

    Joined: Nov 17, 2003

    Posts: 2,358

    Location: St Breward Cornwall

    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
     
    Last edited: Jun 18, 2019
  5. jimjamuk

    Mobster

    Joined: Nov 30, 2007

    Posts: 2,757

    Location: Bristol, UK

    Remember its tax free (assuming you havent already) so you might not be that far off from the 6 months?
     
  6. Delvis

    Caporegime

    Joined: Nov 7, 2004

    Posts: 28,021

    Location: Buckinghamshire

    Yyp
     
  7. robj20

    Sgarrista

    Joined: Apr 9, 2007

    Posts: 7,571

    Location: Manchester

    Not to mention you have to move all your savings before hand otherwise they give you nothing.
     
  8. wesimmo

    Wise Guy

    Joined: Mar 19, 2012

    Posts: 2,080

    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!
     
  9. moon man

    Wise Guy

    Joined: Nov 17, 2003

    Posts: 2,358

    Location: St Breward Cornwall

    The first 6 months is ni related not income related ,well it was ,correct me if I'm wrong
     
  10. robj20

    Sgarrista

    Joined: Apr 9, 2007

    Posts: 7,571

    Location: Manchester

    Last time I claimed they wanted to know what savings I had and more than halved my payments.
     
  11. TheOracle

    Capodecina

    Joined: Sep 30, 2005

    Posts: 10,892

    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.
     
  12. moon man

    Wise Guy

    Joined: Nov 17, 2003

    Posts: 2,358

    Location: St Breward Cornwall

    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
     
  13. IvanDobskey

    Soldato

    Joined: Feb 2, 2010

    Posts: 7,427

    Location: East Midlands

    Depends on you company. I got a really good package. Walked away with a huge amount of money.
     
  14. D.P.

    Caporegime

    Joined: Oct 18, 2002

    Posts: 29,965


    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.
     
  15. Roar87

    Soldato

    Joined: May 10, 2012

    Posts: 5,087

    Location: Leeds

    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.
     
  16. TheOracle

    Capodecina

    Joined: Sep 30, 2005

    Posts: 10,892

    Why would companies do this though? Surely they'll try and get away with paying the bare minimum?
     
  17. IvanDobskey

    Soldato

    Joined: Feb 2, 2010

    Posts: 7,427

    Location: East Midlands

    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 :(
     
  18. The_Abyss

    Capodecina

    Joined: May 15, 2007

    Posts: 11,265

    Location: Ipswich / Bodham

    It is often seen as a valuable part of the package to attract and retain high quality employees.
     
  19. wesimmo

    Wise Guy

    Joined: Mar 19, 2012

    Posts: 2,080

    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.
     
  20. Uther

    Sgarrista

    Joined: Jun 16, 2005

    Posts: 9,145

    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.