voluntary severance

figurine

I work in local govt. and they are looking for volunteers for redundancy. Those that don't apply by 10th Jan will not be offered such "generous" terms. Basically if I apply by this date and am acepted I'd come out with 18 months net pay after 20 years service. Should I go for this or hold on as it's unlikely it'll come to compulsory redundancy as I'm the only person doing my job. I was told previously by my boss that he wouldn't approve redundancy because my post couldn't be done away with but now they are offering "bumped" redundancy where I could go if my post could be given to someone else facing compulsory redundancy.

I suppose what I mean is should I see this as an opportunity to make a change or hold on with the prospect of 20 years more to work in same job? I earn slightly less than oh, we have 3 kids and no debts other than a small mortgage which will be paid in 3 years when endowments mature.

Happy new year and sorry for rambling.

CLAPTON

if you have a burning desire to change jobs or make a fresh start then you don't need redundancy to do that

can you get another job easily?.. have you checked the local job market?

you may get 18 month money but much may be taxed highly and anyway if after 18 months you dont have job then you will be losing money (and remember you are losing all that pension entitlement too.


not advice, I know, but maybe some things to think about.

ceridwen

It partly depends on what salary level you are on obviously. 18 months worth of a high salary level is a pretty decent amount of money - its a lot less obviously if one is only on a poor salary.

The first £30,000 of redundancy money isnt taxed - so only you would know how much/if any tax you would have to pay on that amount. That wouldnt be a consideration on poor salary - but would be if you are on a decent income.

LindsayO

You might alos want to check on the accuracy of the claim that compulsory redundancy payments will be less generous. A while back we were offered voluntary redundancy with "generous" terms, to be followed by compulsory redundancies if not enough savings were made. Although there was alot of talk about the terms being more generous if we went voluntarily, when we saw the terms of the compulsory redundancy they were idenitical