Redundancy dilema

DietChef

Since Monday I find my self with an unexpected dilemma.   I was told my current role is ceasing and I am at risk of redundancy.  There will be an option of a  redundancy package which is generous - or I have been told there is another position for me - on a different grade than I am currently on.  The salary hasn't yet been agreed for that, it's a new position but it's likely to be less than my current wage.  I've worked in the same company for a looong time.  I've been fed up in my job to a while and have a yearning to try something new that might be more interesting.
So without putting too much detail here - the package - like I said is a generous one.  Enough to pay off maybe 40% of my current mortgage.  I live alone and have 19 years left on the mortgage.
So the debate is - do I take the package and try to find employment outside the company - or stay on in a job I don't really fancy TBH  that will also mean a reduction in income?  Listening to the news lately makes it sound like there might be no jobs out there - so I could end up being unemployed for a while.  Also there is talk within my company that there are likely to be further redundancies in the months/years to come and a future redundancy package will be far less than the one currently on the table.  I am in my late 40's.
I don't have much time to make a decision and certainly not long enough to start job hunting properly before I get a leavers date.
Does anyone have any good or bad experiences facing a similar dilemma?

jimpwarsop

Companies will often say the next phase of redundancies will be less well compensated, why not ?

I wouldnt presume to guess at your prospect of re-employment, suffice to say there are always jobs.

In 2006 I was to be redeployed (on the same money) or take £40k @ 50.  The new job was 12 hour shifts and I had a final salary pension and  a bundle of savings (but a SAHM and two kids as well).  I jumped, and I've never worked since, at the end of the day only you can decide.

Thrugelmir

Bide your time and ascertain what's on offer. Redundancy packages are often made attractive to entice employees to jump ship. Jam today in the form of a lump sum is highly attractive. As you say the real issue is what you'll do in the future. A further few years of secure employment with the benefit of the company funding your pension adds up. I've known people leave and never really ever find a decent permanent job again. 

TBagpuss

I'd look at what your options might be if you take the package. For instance:
-   look at adverts to se what jobs are available which would be suitable for you - yes, there are a lot of people losing their jobs right now but it varies a lot depending on the type of work. Get a feel for what there is out there which might work for you personally. 

Think about what you would be happy with - for instance, if you paid down your mortgage but left it the same length, your monthly payments would fall, which could enable you to take a lower paid job and still have a similar standard of living, so you could take jobs you'd like better even if they don't pay as well as the current one. 
Alternatively, if you paid a smaller amount of the mortgage, how long could you manage for on savings? Do you think your industry is going to pick up in that time frame?

If you accept the alternative role, are you likely to be in a better or worse position in terms of applying for new job, in future? 

getmore4less

I worked out my package on
weeks net pay.
weeks expenses.(cutting right back)
You also have JSA to addin till you find the next one.

marycanary

Will you be able to use your redundancy money to pay off the mortgage? What will happen if you don't get another job? Once your contributory JSA is exhausted wouldn't you be expected to use it to live on? If you have used it to pay off the mortgage could it be considered as deprivation of capital?