Dilemma......

MadeofSteel

Good morning,
My first post and could really do with a little help and advice on my upcoming redundancy please.
I am being made redundant as of early next month and I had my HR consultation beginning of this week, my pay with all the adding everything together will be just shy of 24k.
Although they have now told me that they are looking to keep one member of staff and would I be interested? Now they haven't as yet come up with a way of how it will all work as it is yet to be finalised.
So, my dilemma should you be able to kindly advise is this,.
Would you be inclined to take redundancy (hell of a lot of money for me) and look for another job?
Or would you wait and see how things go?
How does it all work? If I stay will I still be paid whilst things are being finalised?
My head is muddled with it all, and I'm not sleeping properly, never been in this position in my life! (Redundancy)

What would be the Pros/Cons?
Many Thanks

getmore4less

pros
you keep a job and continue to accrue service.
you cash in your service and move on.

Cons.
you stay and they just go bust or reduce payouts(if enhanced)
you go and can't find another job and the money just runs out..

As long as the new job is offered and starts within 4 weeks before you finish you are not redundant

In practice many places just carry on drop the redundancy and sort out the new job like they would with any other internal job change.

I would be wanting to know some basics like will it be paying the same is it something I can and want to do if different from the current job etc.

Bigger picture is the place doing OK and worth staying, as places wind down the last ones out are often paid nothing and have to make a claim

micky2phones

Hi, if you do stay on please make sure its not a new contract thats breaks your service.

When i worked they did make some people redundant paid them off and started them back on at a lower rate.

TBagpuss

Well, if they are offering you suitable work staying on you are not redundant, so it depends.
Are they giving you first refusal, but are happy to keep someone else and pay you off if you don't want it, or are they offering you suitable alternative employment as an alternative to redundancy in which case if you turn it down you might lose your rights to the statutory redundancy pay.

Assuming it is the former, then I think you would have to consider how easy you are likely to find it to get another job at similar rates of pay and conditions etc. If you are confident that you will be able to find a new job quickly, then think about whether you want to stay or go.