Oh my god. I think I'm going to lose my job

ckerrd

If it wasn't spam I am sure we would all sign up.

yung

Ok Redundacy it frighten the life out of everyone was made redundant once and there was Threat of redundancy in my last job on a few occasions. but then I found out that it was not hard to deal with the threat, you need to keep calm (easy to say) and prepared to the eventuality if it happen to you. how do you deal with it

first of all you know the announcement has been made, so that is one thing you don't have to worry about.

start talking to your husband about what will happen if you are made redundant.
8 month salary. give you 8 month to find another the job as long as you don't go and spend it all at once by paying any debt.

start finding what help you will get from the state.
there is more that but I won't bore you with it
let's hope that you won't need this advice good luck

nej

I went through this last year. What you are being offered is very good - much more than I was offered.

Luckily for me in the end they wanted me to stay (on the day of my exit interview!). So in the end I had 6 weeks off in the summer (albeit stressful ones), then went back. I cheekily asked for more money, too - and got it! :beer:

hjb123

I would say that you have got quite a good deal if you took the voluntary redundancy. After all the redundancy pay is tax free so it will almost be like getting a years pay! So once you have been made redundant (and before you are) you will be able to look for new jobs and also be safe in the knowledge - at least for a little while - that there is still the money coming in.

tsharp

robnye wrote:

huh?

:rolleyes: Obviously haven't seen Fight Club....

kingl_2

So calmly remember you are being given a years money and while you are looking for a new job you can claim job seeker's allowance.

Imagine putting your redundancy aside to payoff a big chunk of mortgage or other debts. How much will this save you a month?

Now deduct this from your takehome now and calculate the new salary equivalent. Because of tax you will be very surprised at the drop you will be able to accept and be no worse off. This will open up many more job opportunities for you.

Because of the fact you have worked there for a long time you are obviously settled and scared of change. But also because you have worked there a long time you may have this once in a lifetime opportunity to get a windfall payment. Think positive.

I got a years money when I was made redundant and used this to pay off our mortgage saving £1k per month. Because I was a 40% taxpayer I then calculated that I could take a 33% salary drop and we would be no worse off. I was then able to go into the job market and say "what do I want to do".

Good luck.

sarahs999

Wow, thank you everyone for your kind words. You've been really helpful and given me lots to think about.Obviously the redundancy is quite a good deal, then, I thought it might have been but it's nice to know. And I didn't realise it was tax free - that makes a big difference. Is that always the case?I'm going to talk it through with my other half tonight to see what we want to do....Thanks again. What a great, supportive board!Sarahsx

ckerrd

tax free up to £30k I understand.

A_Nice_Englishman

I agree with others that your redundancy package seems very generous. Also, remember that the first £30,000 should be tax free

I was selected for redundancy a couple of years ago. (well, they knew I was unhappy and I was given the opportunity to show that my job was redundant!).

I found another job straight away which is close to home and I enjoy immensely. The money was rather less than my old job to start with but I'm now earning more than I would have been, spending zero on travelling to work and have paid off my mortgage as well!

Look upon this is an opportunity and not a problem Sarahs999.

ManAtHome

Redundancy is tax-free, don't think the payment in lieu of notice is though - think this can also affect benefits, so worth checking.

Just a thought, but as it is a good offer (3 to 4 times the statutory minimum), you may find yourself in a large queue...

Anyway best of luck, however things turn out.