Should I take voluntary redundancy or stop?

50Twuncle

Do you also get CILON ?
Plus your last months pay should be tax free ....
I took the decision to accept voluntary redundancy 4 years ago and haven't looked back since - mind you, I had done almost 30 years with the same employer.....
(I had been on a similar wage)

Mr_Benji

Some good advice coming in thanks guys.

The £19k does include cilon after tax. ( cilon is taxable) also that figure does not include final wage.

I think short term VR is great and if I could land a job quickly it could be the perfect scenario. If I was to stop long term would work out also great as its going to be a well paid secure job.

50Twuncle

CILON/PILON is not necessarily taxable ..
It depends on contractual rights ..

Mr_Benji

Yea sorry its pay in lieu of notice but have been told its taxable

50Twuncle

Mr_Benji wrote: »

Yea sorry its pay in lieu of notice but have been told its taxable

OK - In my case (civil service) it wasn't
How many months you get - will depend on your contract

50Twuncle

I strongly recommend that you do an accurate budget - now - assume the worst and you can't get a paying job for two years - can you survive on what money you have coming in + savings ?

50Twuncle

What happens to your pension ?
Is it frozen ?
At todays rates or is it linked to the stock exchange rates ?
There are so many questions that you need to consider before taking this huge decision...
I would consider staying in your job until the mortgage is paid off - then keep my fingers crossed that redundancy is offered again
I assume that you are not sure whether it will be offered again in a few years ??

getmore4less

It is possible to swap some or all of any PILON for compenation if the actual termination dates are in the future, they just have you work as much notice s the can and then pay more redundancy.

Not all companies will do this but it also saves them NI so might consider.

50Twuncle

getmore4less wrote: »

It is possible to swap some or all of any PILON for compenation if the actual termination dates are in the future, they just have you work as much notice s the can and then pay more redundancy.

Not all companies will do this but it also saves them NI so might consider.

I got 6 months PILON - Which suited me fine !!!

Mr_Benji

21Twinkle wrote: »

What happens to your pension ?
Is it frozen ?
At todays rates or is it linked to the stock exchange rates ?
There are so many questions that you need to consider before taking this huge decision...
I would consider staying in your job until the mortgage is paid off - then keep my fingers crossed that redundancy is offered again
I assume that you are not sure whether it will be offered again in a few years ??

Ok pension is frozen at current climate.
I cannot not see redundancy being offered again as this new depot is a multi million pound state of the art depot.

My redundancy is £14800 non taxable, £4900 pilon which is taxable. Plus £700 in outstanding holiday pay which again is taxable