Furlough to redundancy - I want to leave

JReacher1

lazer-zxr said:

I think I want to engineer this to get a tax free lump sum redundancy. I can refuse furlough, so that option goes away. There is no work for me at my current employer .... So the option in their eyes is paying my notice, or paying redundancy. The cheapest option for them is redundancy, which is what I want. 

Ah right so basically you want to use the current coronavirus situation to try and lever a £7k payout from your current employer. 

Don’t take it personally but I really hope you fail in this attempt. It’s an unpleasant way to behave and when the economy is struggling and you have the potential option to start a new job then it seems wrong to try and play the system for your own personal gain. 

sharpe106

When does your new company want you to start?

LilElvis

lazer-zxr said:

I think I want to engineer this to get a tax free lump sum redundancy. I can refuse furlough, so that option goes away. There is no work for me at my current employer .... So the option in their eyes is paying my notice, or paying redundancy. The cheapest option for them is redundancy, which is what I want. 

If you were made redundant then you would either be expected to work your three month notice or receive pay in lieu of notice in addition to the statutory redundancy payment, so it wouldn't be cheaper for your employer. Hope you're not relying on them for a reference too.

lazer-zxr

LilElvis said:

lazer-zxr said:

I think I want to engineer this to get a tax free lump sum redundancy. I can refuse furlough, so that option goes away. There is no work for me at my current employer .... So the option in their eyes is paying my notice, or paying redundancy. The cheapest option for them is redundancy, which is what I want. 

If you were made redundant then you would either be expected to work your three month notice or receive pay in lieu of notice in addition to the statutory redundancy payment, so it wouldn't be cheaper for your employer. Hope you're not relying on them for a reference too.

Thanks

lazer-zxr

JReacher1 said:

lazer-zxr said:

I think I want to engineer this to get a tax free lump sum redundancy. I can refuse furlough, so that option goes away. There is no work for me at my current employer .... So the option in their eyes is paying my notice, or paying redundancy. The cheapest option for them is redundancy, which is what I want. 

Ah right so basically you want to use the current coronavirus situation to try and lever a £7k payout from your current employer. 

Don’t take it personally but I really hope you fail in this attempt. It’s an unpleasant way to behave and when the economy is struggling and you have the potential option to start a new job then it seems wrong to try and play the system for your own personal gain. 

I thought this was supposed to be a forum where we are not judged, and aim to help those optimise their finances. I hope you don't pass such judgement on others, I've experienced such support from others in trying to become debt free.

JReacher1

lazer-zxr said:

JReacher1 said:

lazer-zxr said:

I think I want to engineer this to get a tax free lump sum redundancy. I can refuse furlough, so that option goes away. There is no work for me at my current employer .... So the option in their eyes is paying my notice, or paying redundancy. The cheapest option for them is redundancy, which is what I want. 

Ah right so basically you want to use the current coronavirus situation to try and lever a £7k payout from your current employer. 

Don’t take it personally but I really hope you fail in this attempt. It’s an unpleasant way to behave and when the economy is struggling and you have the potential option to start a new job then it seems wrong to try and play the system for your own personal gain. 

I thought this was supposed to be a forum where we are not judged, and aim to help those optimise their finances. I hope you don't pass such judgement on others, I've experienced such support from others in trying to become debt free.

There’s a difference between supporting someone who is struggling with debt (by helping them optimise their finances) and what you’re doing which is to try and take advantage of a worldwide pandemic to financially profit from your current employer. 

If you’ve got another job (and they will allow you to start early) then you should hand in your notice and discuss an early exit from your notice period with your current employer. 

sharpe106

lazer-zxr said:

I thought this was supposed to be a forum where we are not judged, and aim to help those optimise their finances. I hope you don't pass such judgement on others, I've experienced such support from others in trying to become debt free.

Its the internet it main purpose is so others can judge other people. People are happy to help others optimise their finances but there nothing saying they have to assist you doing something that they believe is dubious. 

TELLIT01

I'm assuming you have been with the current employer for a fair number of years given the figure you estimate for redundancy.  Are you aware that there is a cap on the weekly figure for statutory redundancy pay?

Gavin83

I agree with some of the others, you aren't coming across well here. However I'll try and help although I've got a number of questions.

Im assuming from your figures you've worked for your company for around 13 years? When does the new company want you to start? Is your new pay higher than your old pay?

It's very unlikely it'll work out better for your employer financially if they make you redundant. Ignoring the fact they probably can't (it's the position you make redundant, not the individual) as someone else has pointed out you'll still work your notice period. I think you're thinking more of a settlement agreement but this is never instigated by the employee and if you approach them about this they'll work out you're looking to leave and just bide their time.

If you want to leave quickly speak to your employer about shortening your notice period. This shouldn't be difficult given the current circumstances. If your new pay is higher then this'll be the best route for you financially. 

lazer-zxr

Gavin83 said:

I agree with some of the others, you aren't coming across well here. However I'll try and help although I've got a number of questions.

Im assuming from your figures you've worked for your company for around 13 years? When does the new company want you to start? Is your new pay higher than your old pay?

It's very unlikely it'll work out better for your employer financially if they make you redundant. Ignoring the fact they probably can't (it's the position you make redundant, not the individual) as someone else has pointed out you'll still work your notice period. I think you're thinking more of a settlement agreement but this is never instigated by the employee and if you approach them about this they'll work out you're looking to leave and just bide their time.

If you want to leave quickly speak to your employer about shortening your notice period. This shouldn't be difficult given the current circumstances. If your new pay is higher then this'll be the best route for you financially. 

Thanks. It has been made clear that I'm crossing the line trying to optimise myself financially. I'll ask my employer about an early exit, see if we can work something out. Thanks