📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Management wants compulsory redundancies

I work at a university. In the summer they introduced voluntary redundancies, but didn't make the savings they hoped for and now want to introduce compulsory redundancies. This has to be approved by the university governors, who meet within the week to discuss it. There are 10 in my team and we have been told that one of us will go. I'm in a union who are commited to fighting the redundancies. But it is so very stressful. I am disabled and nearly 50, and really doubt I would get another job. If they target me for redundancy I will ask them to consider me for medical retiral, but even if I get the maximum medical pension, I wont make enough to cover my mortgage, and will probably make too much for qualify for interest payments, so will prboably loose my flat. I guess I'm just venting and looking for a little sympathy.
LindsayO
Goal: mortgage free asap
15/10/2007: Mortgage: £110k Term: 17 years
18/08/2008: Mortgage: £107k Mortgage - Offset savings: £105k
02/01/2009: Mortgage: £105k Mortgage - Offset savings: £99k

Comments

  • ceridwen
    ceridwen Posts: 11,547 Forumite
    10,000 Posts Combo Breaker
    I hope things work out for you. I guess the best you can do for now is to take the attitude "Theres 10 of us - they only want 1 to go" and with that you only have a 1 in 10 chance that it will be you they pick on. Thats not bad odds - so hopefully yours wont be the name that comes up on that slim chance.

    If the worst comes to the worst - perhaps you could alter the terms of your mortgage a bit? - ie maybe extend the mortgage term, so that the monthly payments went down a bit.....

    Another thought too - is that with your disability they might be very wary of choosing you as that one - in case you started muttering about the Disability Discrimination Act and suing them for picking you. So my guess is that they will deliberately be looking only amongst the other 9 anyway...
  • get mortgage insurance.
  • LindsayO
    LindsayO Posts: 398 Forumite
    get mortgage insurance.

    too late for that I'm afraid, as they won't insure against an existing condition causing me to need to stop working
    LindsayO
    Goal: mortgage free asap
    15/10/2007: Mortgage: £110k Term: 17 years
    18/08/2008: Mortgage: £107k Mortgage - Offset savings: £105k
    02/01/2009: Mortgage: £105k Mortgage - Offset savings: £99k

  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Too late anyway, it would be fraud if you aware of impending risk of redundancy Im afraid.

    On the other hand, odds of 10 to 1 are pretty good so i would try not to worry too much
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.7K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.6K Work, Benefits & Business
  • 600K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.