I'm joining the throngs!

Badger_Lady

Out of the blue today, our HR manager started tapping people on the shoulder and giving them a pile of papers to take home. My turn came at 10:45... I was told that my role doesn't exist in the new structure and that, although they will check for opportunities in the rest of the group, in all likeliness I'll be redundant from next week.

I've been offered a choice of two packages:

1. My contractual three months notice plus statutory redundancy (2 weeks pay), plus the ability to keep my company shares until they vest (starting 19 months hence) pro-rata.

2. A "compromise agreement" in which I get a lump sum now and cut all ties, plus they'll pay up to £250 for me to get it checked by a solicitor.

So that's cool. I guess next steps are:

1. Sign up for JSA - I understand that the redundancy payout won't affect this.

2. Check out grants while I'm unemployed.

3. Look at ways to start my own business - I believe the job centre now has a scheme that can help with this..?

4. Start looking at other benefits if/when my savings are run down to below £16k, assuming I don't have a proper income by then.

Hello to anyone else in this boat! I'm still a little bit in shock but there's always a positive spin

FatVonD

Sorry to hear your news, Badger Lady, hope everything works out for you in the end

happy35

Yes there is help available to start your own business in the Jobcentre, depending on where you live this help may also be available through the LA or Business Link

You may find that your Compromise Agreement is actually quite a bit more than you would receive from your shares etc, the shares you are forecasting their worth and in this current climate you don't know what will happen to their value.

Badger_Lady

Thanks Happy

Yeah - the compromise agreement looks like the way forward to me. I even think it's worth more than a decent projection on the shares.

As for the business starting - I had a bit of a browse on the Jobcentre website and it looks like I can only get help after 3 months on the dole..?

Googlewhacker

Badger_Lady wrote: »

Thanks Happy

Yeah - the compromise agreement looks like the way forward to me. I even think it's worth more than a decent projection on the shares.

As for the business starting - I had a bit of a browse on the Jobcentre website and it looks like I can only get help after 3 months on the dole..?

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