Voluntary - shall I take it?

[Deleted User]

Offering 4 months on garden leave before contract is terminated, 3 months paid in lieue of notice, then ex-gratia payment which equates to another 4 months of normal salary for a total of 11 months pay....

To be honest, I've been looking around for a job for a while and the company is struggling a bit so I cant see a long term future here.

11 months is a long time to find another job. I work in IT, live in South Wales (not the best).

Been redundant last 3 jobs before this one and each time I've found something else within a month.

Maybe I should trust myself, take VR, and get another job?

BTW. Payout is much less for compulsory which is still possible.

jazzyman01

Only you can make the decision. I think you have made up your mind you just want confirmation that it is the right choice.

[Deleted User]

jazzyman01 wrote: »

Only you can make the decision. I think you have made up your mind you just want confirmation that it is the right choice.

Its a toughie....

To be honest, I've been made redundant in my last 3 jobs. Each of these times with very little payout.

Been stressful but each time I've found a job within a month or two.

This time, if I go for it, I'd be on paid garden leave for three months (cant start a job in this time but obviously can look) and then it'd work out about 7 months normal take home pay.

Also, not happy with my current job and the company is struggling long term as well....

Its not an easy decision though.

pjcox2005

If you think the company is struggling and not overly happy in the job then I'd probably take it. However, before doing so I'd probably try and set objectives over a 3 month, 6 month, year period around what you will do in the spare time.

i.e. not just what you'll do to find another job, applications per week for motivation, but also what you'll do with the extra personal time - e,g, spend with kids, more time for a hobby, learn a new skill.

I haven't been in the position, but I would imagine it could be easy to get into the habbit of not doing anything productive (thinking you're being paid so no rush) and then proceed to waste the 11 months pay with potentially no job at the end, and having felt you've let 11 months almost pass by (e.g. getting up later, bit of morning tv etc).

WestonDave

I agree with the above - you will know whether things are likely to get better or whether if you hang on you are more likely to get statutory payouts. I would be looking to set some goals for the garden leave - so many hours job search, CV writing, skill improving etc, plus some other things - redecorate the lounge (whatever needs doing that you'll never have time for), develop hobbies (without spending too much cash) but also maybe some voluntary work if for nothing else than to keep in the routine of doing a day's work.

Ask them to clarify when you would be paid the money (I'm guessing you won't get it all up front so they have some sanction during the garden leave) and how much of it will be tax free (which obviously makes it worth more!)

Chimpofdoom

I agree with the others, it's a tough choice, but it's yours to make.

One of the good things with the current market is.. it's a good time to be a contractor! If you have the right skill set then finding a contract can be easy.

Of course, it helps to know people who are currently contracting as well to throw some recommendations out there on your behalf!

[Deleted User]

WestonDave wrote: »

I agree with the above - you will know whether things are likely to get better or whether if you hang on you are more likely to get statutory payouts. I would be looking to set some goals for the garden leave - so many hours job search, CV writing, skill improving etc, plus some other things - redecorate the lounge (whatever needs doing that you'll never have time for), develop hobbies (without spending too much cash) but also maybe some voluntary work if for nothing else than to keep in the routine of doing a day's work.

Ask them to clarify when you would be paid the money (I'm guessing you won't get it all up front so they have some sanction during the garden leave) and how much of it will be tax free (which obviously makes it worth more!)

I'd get paid up until April/May whilst on garden leave as per normal.

Then I'd get a lump sum of 3 months PILON which is taxed (so like three months normal take home pay), plus as ex-gratia payment which works out at approx equal to 4 1/2 months normal take home.

Not sure if I can claim benefits after I'm terminated if I take voluntary redundancy as well???

[Deleted User]

Chimpofdoom wrote: »

I agree with the others, it's a tough choice, but it's yours to make.

One of the good things with the current market is.. it's a good time to be a contractor! If you have the right skill set then finding a contract can be easy.

Of course, it helps to know people who are currently contracting as well to throw some recommendations out there on your behalf!

Been speaking to some job agencies and they're generally impressed with my skill set. I've got 20 years experience in IT.

Saying that though I am in Wales. (But Bristol is doable).

AnnaV

Obviously be aware that you are not supposed to look for work whilst on gardening leave - so be careful you don't jeopardise any payout in that respect.

michaels

AS I understand it voluntary does not disqualify you from any benefits - not sure about pilon.

[Deleted User]

AnnaV wrote: »

Obviously be aware that you are not supposed to look for work whilst on gardening leave - so be careful you don't jeopardise any payout in that respect.

OK. So far company has just said you cant start another employment until your contract is terminated in april/may. Said nothing about looking for other work.

For those unlucky enough to face compulsory redundancy, they'll get a tap on the shoulder in april/may and have to leave immediately then. In the meantime, everyones been told they're allowed time off for interviews since we're all 'at risk'.