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

dinkylou

I'm so sorry to hear of your redundancy Sarah.

I completely understand how you feel as the same fate is awaiting me very soon.

Oh and on your redundancy payment - thats a very very good offer. We will be offered 1 week for each year + 50% extra which is very little compared to yours and I work for a large multinational.

My sympathies to you but keep your chin up x

pjala

In universities it is one week for every year of service.....

Chrismojam

Hope everything works out for you! I'm sure it will........as 'they' say...one door closes another one opens......

I work for a local authority...we've just had to complete job evaluation questionnnaires.....to identify the what the scale/salary of the job 'should' be......and because the council are !!!!ting themselves over how much this is going to cost....we are going through a 'major service review' as well......

I am in a support role (finance)...so if the services that I support are outsourced then presumably my job will go or I will be outsourced too.....a while ago..this would have really scared the life out of me.......but now I'm kind of looking at this as an opportunity to do something else....not figured out what yet........I'm at the stage of wanting to start a family.....so it's all cards in the air at the mo...

Good luck whatever happens!;)

Dr.Shoe_2

kingl wrote:

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.

Actually, I don't believe you can claim JSA if you have a redundancy payout...

Chrismojam

Dr.Shoe wrote:

Actually, I don't believe you can claim JSA if you have a redundancy payout...

That would be about right wouldn't it? Pay in for years and get !!!!!! all out!!:mad:

clairehi

Chrismojam wrote:

That would be about right wouldn't it? Pay in for years and get !!!!!! all out!!:mad:

no, it just means that you cant claim contribution based JSA until the period covered by the redundancy money expires. while you are getting redundancy moeny why would you need JSA on top. you only get contribution JSA for a max of 6 months so it would just run out quicker if you started getting it earlier.

my DH was made redundant last year. it took him 6 months to find a new job (specialised field). After starting the new job, his new company were then taken over earlier this year. He immediately feared redundancy again and this timE with a much bigger mortgage and no safety net of savings. So he opted to move again before the usual restructuring started. he has found another job which he is much happier with, very easily. there is no harm in starting to look early. you are always in a stronger position with recruiters when you are already in a job, and you may find something you lke better.

if the worst happens, 8 months is plenty of time to find a new job. however even if you are not made redundant, morale wil no doubt be rock bottom so it could be a good time to move on anyway.

having been to hell and back with my DH, (we really did totally despair) I know how scary it is, but it has left me with the firm belief that good can come out of it - please dont panic and let us know what happens.

Chrismojam

clairehi wrote:

no, it just means that you cant claim contribution based JSA until the period covered by the redundancy money expires. while you are getting redundancy moeny why would you need JSA on top. you only get contribution JSA for a max of 6 months so it would just run out quicker if you started getting it earlier.

Fair enough..thanks for that Claire..I have no idea how all this benefits stuff works...I only have experience of having to jump through hoops to make sure my mum gets what she is entitled to...(she has mental illess etc and we found out years ago...by chance..that she was entitled to other benefits...not from the DHS or social workers....but from a work colleague of my sisters!)..........and I've known plenty of people who were really not entitled getting all sorts......really annoys me...

clairehi

No worries Chris, sorry about your mum. my dad is a CAB adviser and has some horror stories about deserving people who have missed out on bens. the dss made my DH feel like s*** just for claiming what he was entitled to. he signed on for 3 months just for the NI stamp and got nothing during that time but they still gave him the spanish inquisition re looking for work. he would have given anything to have been working and not signing on!

Chrismojam

clairehi wrote:

No worries Chris, sorry about your mum. my dad is a CAB adviser and has some horror stories about deserving people who have missed out on bens. the dss made my DH feel like s*** just for claiming what he was entitled to. he signed on for 3 months just for the NI stamp and got nothing during that time but they still gave him the spanish inquisition re looking for work. he would have given anything to have been working and not signing on!

My sis didn't bother btw jobs ....out of police through injury etc (while still in training)..went back to old job...lived off what savings she had.......she couldn't be bothered with the spanish inquisition either.....I think it's rather sad that people who have paid in feel that they can't be bothered with the hassle etc whilst other no marks feel it is their right to claim:mad:

yung

ManAtHome wrote:

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

.

this is how it work

1 A statutory redundancy payment
2 A discretionary payment
3 Compensation for loss of office
4 Special Payment of 12 weeks/3 month pay

Taxation

your "statutory redundancy payment" (payment 1) is not subject to income tax.
Payment 2 - 4 are only subject to tax to the extent that the payment i.e. all payments 1 - 4 taken together exceeds £30,000. To the extent that the "Payment" exceed £30,000 income tax will be deducted under the PAYE regulations in the normal way. If the "Payment" is under £30,000 no tax will be paid.

hope that make sense