Good Voluntary Redundancy Offer? 1 June 2020 at 3:10PM in Redundancy & redundancy planning 4 replies 193 views

gab3x

Just got my calculation done for the VR. It comes at equivalent of 12 months net salary (it is a high salary). I'm in 40s.

Is this a good offer? 

My employer will also be restructuring with view of 'significant' non-voluntary redundancies by end of year in which case a less generous but probably not statutory minimum settlements would apply.

Everyone is different but would you take the money and find a new job or would you stick it out?

lincroft1710

An advantage of taking VR now is that you would be first in the queue when employers start re-hiring 

sharpe106

Who really knows, some questions to ask yourself though
1. What is likelihood of you getting redundancy in future if do not take VR?
2. Do you like your job?
3. Would you be able to get another equivalent job easily enough?
4. Would having the year salary be able to make you make different life choices, i.e pay down mortgage and maybe take less paying job that you like better. 
5. What difference would it make to your home life

gab3x

sharpe106 said:

Who really knows, some questions to ask yourself though
1. What is likelihood of you getting redundancy in future if do not take VR?
2. Do you like your job?
3. Would you be able to get another equivalent job easily enough?
4. Would having the year salary be able to make you make different life choices, i.e pay down mortgage and maybe take less paying job that you like better. 
5. What difference would it make to your home life

All very good questions.. I do love my job even though it is an all consuming corporate job. I don't think anything in life is ideal as so is the case with my job and my company but also any other job and company.
This money would give me a chance to try and go at it myself or to boost savings or get a bigger house but it is not life changing per se.

sharpe106

I would not use the money for the house in case you don't get a new job that pays the same. To me the going it myself would be a good reason to give it a go, if was fairly confident in what was doing.