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  • FIRST POST
    • baz9192
    • By baz9192 14th Feb 18, 1:06 PM
    • 10Posts
    • 0Thanks
    baz9192
    Possible redundancy
    • #1
    • 14th Feb 18, 1:06 PM
    Possible redundancy 14th Feb 18 at 1:06 PM
    Not sure if Iím in the right section, but here goes. I have been employed by this company for 17 years now, and I have been looking for a change for the last 2/3 years but nothing yet. Now last week, I saw a couple of emails I probably shouldnít have. These were from the CEO (my immediate boss) to the shareholders talking about redundancies as the business is not doing well at all. I had a feeling this was the case.

    I have an interview on Monday at somewhere new, and I know this job is an immediate start. However, the pay is £3000 a year less, but has much better security.

    Say I was offered the job, would it be right to accept. Yes the pay is less, but the security is there. There is no guarantee Iíd be selected for redundancy, but my payout would be £6500ish. Could I offer voluntary? And would they accept? Would it affect the settlement figur? In a way Iím worried that I could miss out on this payout by jumping ship early, when this company might only have a couple more months left, and Iím unsure how long the redundancy process takes. There are a couple of people here that can do my job, but I canít do theirs, so that would be a higher chance of me being selected surely?

    Thanks
Page 1
    • ReadingTim
    • By ReadingTim 14th Feb 18, 1:19 PM
    • 2,380 Posts
    • 3,385 Thanks
    ReadingTim
    • #2
    • 14th Feb 18, 1:19 PM
    • #2
    • 14th Feb 18, 1:19 PM
    The question really revolves around how long it might take to find another job. You say you have "been looking for a change for the last 2/3 years but nothing yet", then say you have an interview on Monday. Did it take 2/3 years to even get an interview, or just that you'd been feeling like a change for 2/3 years, but haven't actually done anything about it until recently?

    If it took 2/3 years to even get that far, and you were offered the job, I'd seriously consider it, despite the lower pay - any redundancy payout is unlikely to last long enough for you to find another job.

    If however, Monday's interview came along quite quickly, I'd stay put in your current, high paying job, and deal with finding another job only if or when I was actually made redundant - there's no point trying to predict the future (and if you could, it would probably be more lucrative predicting next week's lottery numbers rather than having to work for a living!)
    • gardner1
    • By gardner1 14th Feb 18, 1:23 PM
    • 2,345 Posts
    • 3,464 Thanks
    gardner1
    • #3
    • 14th Feb 18, 1:23 PM
    • #3
    • 14th Feb 18, 1:23 PM
    Not sure if Iím in the right section, but here goes. I have been employed by this company for 17 years now, and I have been looking for a change for the last 2/3 years but nothing yet. Now last week, I saw a couple of emails I probably shouldnít have. These were from the CEO (my immediate boss) to the shareholders talking about redundancies as the business is not doing well at all. I had a feeling this was the case.

    I have an interview on Monday at somewhere new, and I know this job is an immediate start. However, the pay is £3000 a year less, but has much better security.

    Say I was offered the job, would it be right to accept. Yes the pay is less, but the security is there. There is no guarantee Iíd be selected for redundancy, but my payout would be £6500ish. Could I offer voluntary? And would they accept? Would it affect the settlement figur? In a way Iím worried that I could miss out on this payout by jumping ship early, when this company might only have a couple more months left, and Iím unsure how long the redundancy process takes. There are a couple of people here that can do my job, but I canít do theirs, so that would be a higher chance of me being selected surely?

    Thanks
    Originally posted by baz9192
    I presume it's a typo mistake........17 years in same job and only £6500 ish
    • Comms69
    • By Comms69 14th Feb 18, 1:58 PM
    • 2,353 Posts
    • 2,207 Thanks
    Comms69
    • #4
    • 14th Feb 18, 1:58 PM
    • #4
    • 14th Feb 18, 1:58 PM
    Voluntary redundancy is basically resignation, so you can negotiate anything you like, from £0+
    • ReadingTim
    • By ReadingTim 14th Feb 18, 2:00 PM
    • 2,380 Posts
    • 3,385 Thanks
    ReadingTim
    • #5
    • 14th Feb 18, 2:00 PM
    • #5
    • 14th Feb 18, 2:00 PM
    I presume it's a typo mistake........17 years in same job and only £6500 ish
    Originally posted by gardner1
    Maximum statutory payout is capped at £14,670. It's tax free, but not a life changing amount.

    If he means £65,000, ie the employer went over and above the statutory minimum, it would be taxable - again; nice, but not life changing.
    • TELLIT01
    • By TELLIT01 14th Feb 18, 2:09 PM
    • 4,562 Posts
    • 4,817 Thanks
    TELLIT01
    • #6
    • 14th Feb 18, 2:09 PM
    • #6
    • 14th Feb 18, 2:09 PM
    I presume it's a typo mistake........17 years in same job and only £6500 ish
    Originally posted by gardner1
    Not necessarily. If the OP joined straight from school at 16 they will only be entitled to 17 weeks pay. That would indicate a current salary of about £20k. Bearing in mind that many people have had very small, if any, payrises for the past several years and that's not a particularly low figure.
    • baz9192
    • By baz9192 14th Feb 18, 3:12 PM
    • 10 Posts
    • 0 Thanks
    baz9192
    • #7
    • 14th Feb 18, 3:12 PM
    • #7
    • 14th Feb 18, 3:12 PM
    Iíve been looking for something different for2/3 years, but this is the first time Iíve applied for anything, never mind an interview.

    The £6500 is correct, as that is what was worked out on gov.uk. Not life changing no, but still 4 months of my current take home pay.

    The current job is dead end with no options to progress, and highly likely that it wonít see the year out, and to be honest, Iím ready for a new challenge, even at 40!! What worries me is that I leave now, take a 3 grand pay cut an potentially lose the redundancy (no guarantees of it tho).
    • ReadingTim
    • By ReadingTim 14th Feb 18, 3:24 PM
    • 2,380 Posts
    • 3,385 Thanks
    ReadingTim
    • #8
    • 14th Feb 18, 3:24 PM
    • #8
    • 14th Feb 18, 3:24 PM
    In which case the 2/3 year thing is irrelevant - the fact is, you got an interview for the first thing you applied for.

    On the basis that if it happened once then it'll happen again, I'd sit tight.
    • getmore4less
    • By getmore4less 14th Feb 18, 3:30 PM
    • 31,359 Posts
    • 18,790 Thanks
    getmore4less
    • #9
    • 14th Feb 18, 3:30 PM
    • #9
    • 14th Feb 18, 3:30 PM
    If you get offered and accept the job you lose the right to redundancy.
    Last edited by getmore4less; 14-02-2018 at 3:40 PM.
    • getmore4less
    • By getmore4less 14th Feb 18, 3:36 PM
    • 31,359 Posts
    • 18,790 Thanks
    getmore4less
    £6,500 for 17 weeks is £382pw or just under £20kpa, £3k is 15%.
    • ReadingTim
    • By ReadingTim 14th Feb 18, 3:37 PM
    • 2,380 Posts
    • 3,385 Thanks
    ReadingTim
    If you get offered and accept the job you loose the right to redundancy.
    Originally posted by getmore4less
    You don't just loosen it, you untie it completely...
    • getmore4less
    • By getmore4less 14th Feb 18, 3:39 PM
    • 31,359 Posts
    • 18,790 Thanks
    getmore4less
    Not necessarily. If the OP joined straight from school at 16 they will only be entitled to 17 weeks pay. That would indicate a current salary of about £20k. Bearing in mind that many people have had very small, if any, payrises for the past several years and that's not a particularly low figure.
    Originally posted by TELLIT01
    It is 1/2 a week till you hit your 23 birthday(one week kicks in for full years over 22).
    • lincroft1710
    • By lincroft1710 14th Feb 18, 3:59 PM
    • 10,365 Posts
    • 8,501 Thanks
    lincroft1710
    If you get the job and decide to take it, you will have to resign your current position. As there has been no official notice of redundancies, the situation does not exist. The redundancy process can take months.

    One thing to consider is the state of the job market where you are. How many people are likely to be redundant and thus competing for available vacancies. How transferable are your skills?
    • suiyat`
    • By suiyat` 15th Feb 18, 11:56 AM
    • 2 Posts
    • 2 Thanks
    suiyat`
    My wife went through the same, 17 years with one company, with redundancies looming - happened at other locations within the group, so looked to hold on as long as possible waiting for a payout (as it would have been around £15k)

    She went for an interview in a totally different industry and was offered a role in the firm - despite using it as practice for interviews further down the line.

    We discussed it between ourselves, and the best option was to take the new job as she wanted to leave, redundancy wasn't yet to be on the cards - even though the payoff would have been wonderful - and personal happiness is much more important than money.

    And it was the right decision for us, as no redundancies were made in her department in the end.
    • Smodlet
    • By Smodlet 17th Feb 18, 2:05 PM
    • 2,198 Posts
    • 5,099 Thanks
    Smodlet
    Up to you, OP, of course but a job in the hand is worth any number you might not get down the line especially if you could be in the situation of competing against people with more skills/experience because you waited around to be made redundant. Only you know how much demand your particular skills are in or what prospects there are in your area. I wish you the best of luck, whatever you decide to do.
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
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