Voluntary Redundancy

helen1986helen1986 Forumite
1 Post
MoneySaving Newbie
We have been offered Voluntary Redundancy with an enhanced package -with the current climate is it better to stay put ? My concern is finding another job due to people not recruiting because of COVID19.

Replies

  • unholyangelunholyangel Forumite
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    Normally voluntary redundancy pay is much more generous than compulsory to encourage people to volunteer. If not enough volunteer then it will move to compulsory. 

    As for the replacement job, that all depends on what industry you work in and whether your role requires skills or qualifications that are not common among the masses. Also, how long the redundancy money would last. 

    Just some things you may want to consider when deciding. Good luck, whatever you decide
    You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride
  • sharpe106sharpe106 Forumite
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    Nobody knows what is best or what is not best for each individual. Without knowing a bit more about your circumstances nobody can really knows. 







  • blue.peterblue.peter Forumite
    559 Posts
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    sharpe106 said:

    Nobody knows what is best or what is not best for each individual. Without knowing a bit more about your circumstances nobody can really knows. 


    And even with that knowledge, it's still pretty much impossible to say. There are other things to take into account, such as your attitude to risk, the field in which you work, whether you're thinking of a change in direction*, your assessment of the likelihood of finding work in a given period, the amount of money that you have in savings, the size of the settlement offered, your rate of spending... the list goes on.

    *To take an example, I worked for an insurance company. When our team was made redundant, one colleague made a fairly extreme change of direction. At the age of 50, she took a couple of training courses, and now makes rather lovely bespoke furniture in her garage. She'd never even had any woodwork classes at school or done any before we were made redundant: her first course was in basic carpentry.
  • Barney_Rubble_0403Barney_Rubble_0403 Forumite
    177 Posts
    100 Posts Second Anniversary Photogenic
    Speak to agencies to see what jobs are available within your field or expertise. That will give you a better feel.
    ::A
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