The Great 'What to do in the event of redundancy' Hunt

babyblooz

Thank you for that Superwoman4! Will the fact that he is going to get a small pension affect him getting benefit. I have heard people say it takes weeks to get the pension sorted.

superwoman4

babyblooz wrote: »

Thank you for that Superwoman4! Will the fact that he is going to get a small pension affect him getting benefit. I have heard people say it takes weeks to get the pension sorted.

I believe they disregard the first £50 a week of pension income for CB JSA and savings are fully disregarded.

breezyman

Hi can anyone try and clarify something for me. I was issued my redundancy notice the other week, just two days after i was told in a meeting that this may happen - was this meeting which lasted about 10 minutes what you would call a consultation period?

I was called to another meeting two days later where I was told they are closing my department down, and that there is no suitable job at there alternative site. Was given notice that my employment would end 31st Oct.

Today I was verbally told another job has come up - and that if i don't accept it i will lose my redundancy money as there withdrawing the offer. Can they force me to take a job that sounds a bit dodgy.

I work for a motor car main franchise dealer - the franchise we represent has cancelled there agreement with the company i work for, as we do not meet there dealer standards. What the company want me to do in the new role they have created is, they want me to be a middle man and supply parts to my existing customers but order them in from another main dealers, nothing will come direct from the manufacturer to me then to my customer.

Can they force me to take a job that does not fit along the lines with my original position, as i represented a major franchise and was subsequently trained and backed up by. This new position will just make me be a sales/counter hand at best.

Any pointers appreciated as i feel the new job has only been created for the short term only, and that there creating it to stop paying me any redundancy.

hammond_manc

I am being offered an enhanced redundancy package (not voluntary), and would love to know if anyone can comment on whether 2.75 weeks of full pay per year of service (not just 1 week of SRP per year of service) is a good deal in this day and age?

Have also read some comments around car insurance. Sounds like I need to inform them, but at what point do I need to do this - presumably at the point when redundancy kicks in? But what if I am also partly self-employed ("trading as Joe Bloggs") i.e. have earnings outside of the day-job, even though they are only around £10k? Am I officially still considered as "employed"? (I fill in yearly tax returns and have previously declared both incomes).

No doubt it would be pointless to go down the JSA route as I've always been sensible and put money aside (therefore have savings) and would not be entitled to anything. Maybe I should have bought a new 42" TV every year, smoked 50 a day, gone on luxury holidays I couldn't afford, drank like a fish and bought the latest phone model whenever it came out! Ugh. But the entitledto.co.uk link somebody posted way back was very useful, thank-you.

I'm all ears

sammyjammy

hammond_manc wrote: »

I am being offered an enhanced redundancy package (not voluntary), and would love to know if anyone can comment on whether 2.75 weeks of full pay per year of service (not just 1 week of SRP per year of service) is a good deal in this day and age?

Have also read some comments around car insurance. Sounds like I need to inform them, but at what point do I need to do this - presumably at the point when redundancy kicks in? But what if I am also partly self-employed ("trading as Joe Bloggs") i.e. have earnings outside of the day-job, even though they are only around £10k? Am I officially still considered as "employed"? (I fill in yearly tax returns and have previously declared both incomes).

No doubt it would be pointless to go down the JSA route as I've always been sensible and put money aside (therefore have savings) and would not be entitled to anything. Maybe I should have bought a new 42" TV every year, smoked 50 a day, gone on luxury holidays I couldn't afford, drank like a fish and bought the latest phone model whenever it came out! Ugh. But the entitledto.co.uk link somebody posted way back was very useful, thank-you.

I'm all ears

2.75 weeks for each year of service is good, I have just put my name forward for Redundancy in Civil Service and theirs is one month for each year up to a max of 21.

Can't help on the car insurance I'm afraid but you will be entitled to six months of JSA based on your NI conts, this is £71.70 a week, assuming you'll be looking for work of course.

best of luck

Sam

mumf

All of the posts here are good, and many reflect my own experiences of earlier this year. I worked for the company for 17 years. Small family firm , employees x 4. The boss wanted to retire, and we knew it was coming this year, hopefully TUPE from the sale of business. The sale fell through again. We were made redundant with ten minutes notice-he went insolvent! I was owed £15,000.
So, four months along the line, what advice can I offer?

Because I knew the job was going to finish (at some point) a good while before, my wife and I used savings to clear our mortgage. As Martin says, mortgage interest was more than savings interest-no brainer!
I made sure that I saved enough to cover ABSOLUTE basic costs for three months.
I started networking, and had loose promises of "a couple of days work" here and there -it was a start.
I signed on- I had paid my N I .
I stocked the pantry with lots of tins, jars and packets while the good wages were coming in.
I stocked the coal bunker and log pile well ahead of time.
I organised my extensive veg garden into what I called my 'Redundancy Garden', to carry us over this Winter.
We started to use less of everything, power and resources. It made a difference!
We started to waste less food, and used the local market to shop.
Got my CV sorted, and registered with as many agencies as possible.
I treated every morning, 8am til noon as work time, looking for work by using the web and phoning contacts.
I walked and cycled everywhere to keep physically fit.
DIY jobs got done.

Then after two weeks, I got 3 job offers in 24 hours!
I now work better hours, no management responsibilities, a total change. It is great, even though I earn less. I still have the payoff in the bank, and the changes we made to the way we live carry on. Positive change.

I hope my meandering thoughts help someone out there.

iabw12

I've just been issued with a notice of redundancy - it's a heck of a shock. I've been given 12 weeks notice (in line with legal requirements). My query is that I have a long history of clinical depression and I take my medication each day. I don't know if I can face the next 12 weeks at work, I want to run and hide. What would be the ramifications if my GP were to advise and support me to take as much time off as needed during the coming 12 weeks? Anyone know?

Boxer

Today I received a formal of Voluntary Redundancy.



I have an outstanding balance of £26328.08. I am tempted to pay of my mortgage and using the early repayment mortgage calculator I find financially it would be to my benefit.



My mortgage provider has told me that an early repayment fee of £175.38 would apply.
Should I run my figures through the calculator again?

Looking forward to your input.

With kind regards

Boxer

james.wardle

Hello Guys

I have just been made redundant after 9 months with a company. can anyone give me advice on what i will and won't pay tax on.

1, I get a months pay in lieu of notice, i,e i have been told to finish work today but i get paid until the end of february.
I think i pay tax and NI on this?

2, My company didn't manage to set up my pension or health insurance in the time i was with them due to admin problems. so as a gesture of goodwill they are going to pay me the few thousand pounds, they would have spent on this.
I dont think i should pay tax on this but i'm not sure?

any advice would be appreciated for me to help budgeting

thanks

james

bconnelly

Now i'm not suggesting you wrote this intending to be ageist but you none the less are. As someone who's bang on 55 and just been made redundant this morning, are you seriously telling me that I should walk away from interviews if the interviewer is younger? I have worked my entire life. That experience will out perform any degree, diploma or other bit of paper you might have. 55 is a long way from being over-the-hill. Always remember - I've been your age, you may never reach mine!