Should I or shouldn't I

BIZZYIZZY

Try to keep this short, I work in a supermarket, Thought I was fairly safe . But we have been told they want voluntry redundancies from 10 people. I Am 58yrs, I have worked there for 21 yrs (full time) I have a 15 year pension with them. But do not have a lot of savings plus a big mortgage. My hubby works full time (low wages)
So do I take the money it will be about £24,000 And try to get more cleaning jobs a few hours in each plus I might have the chance of house cleaning after lets (not much) Or keep head down and hope it won't be me Thanks

bluecelticgirl

This is a very personal thing as it depends on what you are comfortable with. You have to think if you do not pick up work for a while will you be stressed? I have done this in the past and didn't have a big mortgage and also had savings but still found it a bit stressful without a regular wage coming in and wondering would I ever get another job. I asked everyone for their opinion also but it really does come down to you. The age factor also comes into it also unfortunately. It is harder to get a job when you are a bit older. It is a bit of a worry that you have a big mortgage and not much savings. On one hand the money could last you a while until you get some more work but how confident are you that you will get work? On the other hand this might open up a new life for you if you are not really happy in your job. Mine worked out fine for me as I ended up moving countries a year later so would have left the job anyway and in the meantime picked up other work I wouldn't have thought about before and it was an interesting time. You might decide if you havent got a job by the time they want a decision on redundancies you dont take redundancy. You could always try to get another job offer right now before you have to make a decision if you have a date they want your decision on redundancy by - obviously to start after your redundancy takes effect! A friend of mine made her decision this way - got a job offer the day before the deadline! It really comes down to your decision and what you are comfortable with. Good luck with making it.

getmore4less

How many months net pay is £24k,

There will also be 12 weeks notice minimum(or is that included in the £24k?).

There will then upto 6 month JSA while looking for a job

Is the reundacy package likely to be around this level in future years.

When did you plan to retire?

Whats the plan for the mortgage.

Acc72

Following on from the post above .....

How is your health ?
How long did you plan on working full time ?
Did you then plan on working part time ?

Remember that your £24k will be tax free.

Therefore, if you currently "take home" say £1,000 per month, then your redundancy pay will provide you with 2 years worth of wages.

If you planned to retire (or work part-time) within 2 years, then financially you would be better off taking the redundancy (as you would have the money now, could put it in the bank, and also get yourself a part time job).

BIZZYIZZY

Thanks for your replies. Yes It is a bit of a worry having a big mortgage I know at my age I should be a bit more savvy. The offer is not going to be on the table for long, another week, My take home pay after tax is £700 ish. I am fairly confident that I can pick up more cleaning, I have to say I have been very fortunate with my health, And all being well I hope to work for a number of years, And maybe (gulp) I should look on it as a new start, I have always thought of having a little cleaning business, And yes I am good at it, Will let you know how I get on

Fishingtime

Only you can answer that question really,everyone here will have their own opinion

Acc72

BIZZYIZZY wrote: »

My take home pay after tax is £700 ish.

So, your redundancy would equate to practically 3 years wages ? (just over 34 months worth).

This is without any additional earnings you may receive if you get another job in the meantime.

i.e. 3 years pay up front now to do nothing (this will take you to 61).

If you stay, do you think that you will still be there in another 3 years ? (also, such a generous redundancy package may not be available in the future).

McKneff

Have they offered a package of £24K, or have you worked this out yourself.

It seems extremely generous for a supermarket who normally pay NMW to its workers.

BIZZYIZZY

Yep I got the numbers a bit wrong, it is £20,760 and £1,990, But I think they are wanting to get rid of people IE not flexible and off sick a lot, And as I have worked there 21 yrs and only been off once and I am flexi, I don't think I will be one of them. Shame in away as I was getting used to the idea of not being there. Mmmm maybe I should have been off more lol