Employment not looking good - redundancy?

masonsmum

I am an office manager for a small building contractor, due to the current downturn in the trade things are really not good financially, our main contractor has gone bust and we have no money coming in and can not pay our suppliers - at 65 I feel my boss is ready for throwing in the towel.

I have worked for him for 6 years and I am feeling a bit torn, should I look for another job at the moment or do I stick it out as I could possibly be entitled to a redundancy payment?

Thanks in advance for any help.

Jarndyce

Look for another job, every time.

You might get redundancy (or you might not if the company go bust) but that would only a maximum of 9 weeks pay. Much better to have the security of a job going forward. If you get a job while under notice of redundancy you may even be able to get both by giving counter notice.

FatAndy

The amount of redundancy pay you would be entitled to will depend on your age (which you may not wish to divulge here) so your best bet is to use the Direct Gov redundancy calculator. Any redundancy pay you receive should be tax free.

http://www.direct.gov.uk/en/Employment/RedundancyAndLeavingYourJob/Redundancy/DG_174330

masonsmum

Lol, Im only 31 so dont mind revealing my age! I used the calculator and I would be entitled to approx £1k... such a catch 22, I love my job at the moment but with 2 kids, a mortgage and a wedding next year its such a scary time