voluntary severence offered, not sure if its good deal.

helzbelz_57

my company announced job losses today, they are offering voluntary severence. the package that was offered is 7.25 weeks pay for every year of service inc partial years capped at 3 x annual salary. also included is up to £6100 for retraining/ education. what im asking is, is this a good offer. ive been there 4 1/2 years and based on that i would get a pay out of roughly £5500 and if i choose it, the education money aswell. partner says go for it but my parents are advising not to. the bit thats throwing me is the fact that i due a baby in may and was already considering not going back and instead becoming self employed. partner says might aswell get a pay off on top, but parents say not a good offer, stick with job. so confused. any help or advice much appreciated.

weeowens

I wished I'd been offered that.After 18 yrs service I was offered 20k.Luckily others have taken it and I'm ok for now.

usignuolo

Yes it is a very good offer unless you think that by hanging on you will keep your job.

qwe3333

wow.32 weeks pay for 4 years service. that's ridiculous considering its potentially tax free. what industry are you in?

weeowens

qwe3333 wrote: »

wow.32 weeks pay for 4 years service. that's ridiculous considering its potentially tax free. what industry are you in?

Only up to £30k though:eek:

annie_tanks

My sons girlfriend's business are shedding jobs by formally dismissing them,to avoid any redundancy pay-outs.She has worked like a slave for them for over 6 years ,and by offering no work to her,they see that as not cutting the mustard. Working under those conditions is crushing. Its a shame that she refuses to take it further as she sees it that it may compromise further employment.Its shocking and not humane,and I bet this will happen a lot now,especially to women in the workforce..Helzbelz has been given a good offer..in comparison..good luck.

weeowens

Full agreement here.If I could get 3x wage I might take the offer.

helzbelz_57

hi, thanks for feedback guys, i am very tempted but you know when your parents always seem to know what theyre talking about so you just accept that theyre right. im in banking btw. so it is a good deal then. the only other thing i wanted to ask was, as im due to go on mat leave at end of april would i no longer be entitled to any smp from govt as a result of taking redundancy?

White_Boots

I'm in banking too and the norm is one month for every full year of service so I would say you have been offered a good deal. If you were thinking of not going back after having the baby then I would say this is a good opportunity. Only if you are sure about not going back though. Can't help with the second question I'm afraid. Sorry.

Jakesmummy

How many weeks pregnant are you? If you are still employed by them at 25weeks pregnant then they are still legally obliged to pay your smp but be aware they may do this in a lump sum.

helzbelz_57

im 24 weeks pregnant. so if i get past 25 weeks and i take the redundancy, would they still be obliged to pay mat pay aswell? if i take redundancy before 25 weeks am i entitled to anything regards maternity pay, ie MA or SMP