Would I be stupid to take voluntary redundancy?

sitcom321

we are on a 90 day consultation period at work (NHS) in my department we are going down from 10 secretaries to 7, we all have to apply for our own jobs, I think I would get my job as it is specialised secretarial support which none of the others know much about. I have asked for voluntary redundancy figures which is around 28-29k, I am 55 years old now, i am seriously thinking about taking the money and running, although i would have to get another job as we couldnt manage without me earning a salary of some kind. would I be stupid to take the money on the hope of picking up another job, I have 8 years pension in nhs and am on approx 20k pa

Caroline_a

Maybe have a look at what jobs are on offer and check out whether you would stand a chance of an interview. I've worked in PA roles for some time now at director level, and am a little older than you, but despite the age thing and being made redundant 3 times in the past 2 years have managed to get jobs at a good salary at the same level.

You need to look at your IT skills carefully - most PAs now are expected to be able to do 1001 things with a Powerpoint presentation, as well as with Excel - pivot tables, etc. It's a given that your Word and Outlook are advanced level too, but often you are needed to work with a variety of databases, SAP. Salesforce, etc etc.

You might find that your NHS experience would help in other medical practices, such as doctors. dentists, although pharmaceutical companies tend to want people with experience in similar companies.

It seems a lot of money in one go and will be tempting, but I would be wary if you are not confident about your wider IT skills as that would definitely be a big barrier.

getmore4less

Check the net figure, does it include notice pay and unused holiday pay

£20k is net around £15700 net, so not far off 2 years money with reduced costs of not working.

Also check the return to NHS period

noelphobic

getmore4less wrote: »

Check the net figure, does it include notice pay and unused holiday pay

£20k is net around £15700 net, so not far off 2 years money with reduced costs of not working.

Also check the return to NHS period

The first 30k of redundancy payments is tax free. I don't know if that applies to any notice and/or holiday pay but would imagine if that is included in that figure then it would only be a small part of it.

Sorry, just realised you meant the net annual salary, not the redundancy payment!

getmore4less

I meant the payout if it include PILON and holiday pay there will be tax and NI due on some of it,

If it is just the redundancy then there may be more on top.

the key will be job opportunities but with a 2 year(net) payout the salary needed will be lower than the current one which may open up other options, and at some point there may be the option to return to the NHS.

firesidemaid

Do you actually like your current job?

sitcom321

Yes I like my current job but also like the idea of a lump sum of money and maybe getting a job with less than full time, I am concerned that at 55 getting a decent job mite b more difficult and as I don't drive that would limit my job opportunities, on the other hand I am a good worker and still think there are jobs out there , am I being greedy wanting to ockey the money and thinking I could get another job within the 12 week time limit I am giving myself

notanewuser

sitcom321 wrote: »

Yes I like my current job but also like the idea of a lump sum of money and maybe getting a job with less than full time, I am concerned that at 55 getting a decent job mite b more difficult and as I don't drive that would limit my job opportunities, on the other hand I am a good worker and still think there are jobs out there , am I being greedy wanting to ockey the money and thinking I could get another job within the 12 week time limit I am giving myself

You could be right.

VfM4meplse

The money may be tempting, but in your position I would personally try to hang on for as long as possible - you would still get the same money if there was a round of compulsory redundancies further down the line, but at 55 a better deal may be on the table for early retirement. Grit your teeth and get on with it for at least another 2 years.

getmore4less wrote: »

Also check the return to NHS period

The rtn to work period is 1 month.

sitcom321

VfM4meplse wrote: »

The money may be tempting, but in your position I would personally try to hang on for as long as possible - you would still get the same money if there was a round of compulsory redundancies further down the line, but at 55 a better deal may be on the table for early retirement. Grit your teeth and get on with it for at least another 2 years.
The rtn to work period is 1 month.

i have only been in the nhs pension for 8 years so i dont think the early retirement would be anywhere near this kind of payout even if i stayed another 2 years or more, I also have never had any other pension before starting work in the nhs

notanewuser

sitcom321 wrote: »

i have only been in the nhs pension for 8 years so i dont think the early retirement would be anywhere near this kind of payout even if i stayed another 2 years or more, I also have never had any other pension before starting work in the nhs

Don't leave for £30k then!!