My obsession with not buying in UK - Prove me wrong

newsgroupmonkey_

RobHT said:

onylon said:

RobHT said:

Probably you don't get it well.
If you lose your job, you lose your house too.

Or you get another job, invest the redundancy money and come out considerably better off. It's not always doom and gloom.

The redundancy package in UK is ridiculous, it's just about your last salary (which is due anyway), plus one week worth of salary capped at 500 pounds, which means 5y of work = 2500 pounds...

Reading the website right now, it slightly changed:
If you were made redundant on or after 6 April 2021, your weekly pay is capped at £544 and the maximum statutory redundancy pay you can get is £16,320. If you were made redundant before 6 April 2021, these amounts will be lower.

Source: https://www.gov.uk/redundancy-your-rights/redundancy-pay 

These are coins in the London zone and surroundings, up to Birmingham just as an example...

Forget about redundancy mate.

It might be for you, but it isn't for me, nor is it for most companies.

You're talking about statutory (or minimum) redundancy.

Did you also know the minimum number of holidays is 20 + bank holidays too? I don't know any company that pays less than 25.

My contract says I'm paid 1 week of my FULL salary for any years I worked under 30 years old, 2 weeks 30-40, 4 weeks 40-50 and 5 weeks 50+

I've been there since I was 24 (26 years) and let's for safety's sake I earn £1k a week (easy to work things out that way).

6 years at £1k = £6k

10 years at £2k = £20k

10 years at £4k = £40k

So £66k redundancy. That's over a year's salary. Of which the first £30k is tax free. Plus 3 months notice. And I can go get a job next week.

Plus a load of other stuff like paying x amount into my pension.

Statutory is like minimum wage. It's the minimum you pay, not the maximum.

MobileSaver

RobHT said:

the house probably appreciated only 5% ... it will crack down soon based on my analysis.

Is that the same in-depth, carefully-considered, completely-impartial analysis that led you to claim "If you lose your job, you lose your house too" as well as many other too-ridiculous-to-mention false claims?!?!

onylon

RobHT said:

onylon said:

RobHT said:

onylon said:

RobHT said:

Probably you don't get it well.
If you lose your job, you lose your house too.

Or you get another job, invest the redundancy money and come out considerably better off. It's not always doom and gloom.

The redundancy package in UK is ridiculous, it's just about your last salary (which is due anyway), plus one week worth of salary capped at 500 pounds, which means 5y of work = 2500 pounds...

Reading the website right now, it slightly changed:
If you were made redundant on or after 6 April 2021, your weekly pay is capped at £544 and the maximum statutory redundancy pay you can get is £16,320. If you were made redundant before 6 April 2021, these amounts will be lower.

Source: https://www.gov.uk/redundancy-your-rights/redundancy-pay 

These are coins in the London zone and surroundings, up to Birmingham just as an example...

Forget about redundancy mate.

You haven't factored in the contractual notice period which would typically be paid off as part of the redundancy package. For a mid level IT role that would be 3 months pay tax-free + the statutory payment, before any negotiation. It can be considerably more, especially since many companies mess up the redundancy process and end up in a poor bargaining position as a result. For sure job loss can be very stressful, but it's often a significant net-gain rather than the disaster you are worried about.

Are you in a particularly precarious position? Can you mitigate the risk by up-skilling or getting more qualifications?

Thanks, interesting answer.

My notice is one month, but I'm in this company since more than 2y, I don't see anywhere listed as 3 months in case of redundancy... Is this from the law or it should be in my contract?
In any case, my insurance would help a lot, I'm just saying that I don't see how the redundancy payment will support me...

I'm quite skilled, that's not a problem, reason why at a certain level is not that easy to find the next-gen opportunity , due to scarcity or level of competition.

In your contract it should say how much notice you would need to give your employer if you resigned and how much notice your employer needs to give you. It is usually the same length of time both ways.

If there is a lot of competition for jobs in your field, you could look at picking up some skills in a specialisation adjacent to your own. That way you open up opportunities in both specialisations as well as hybrid roles which can be very hard to fill.

D924

I stupidly took out a LISA so while I agree with OP I'm basically now forced into the pyramid scheme!

grumiofoundation

D924 said:

I stupidly took out a LISA so while I agree with OP I'm basically now forced into the pyramid scheme!

If you are under 40 you can transfer to a stocks and shares LISA and use for retirement.

You can also withdraw some/all the money from LISA and do what you want with it elsewhere (max penalty of 6.25%).

So you are not being forced to buy a property.

anotheruser

Exodi said:

I don't think many people can be bothered to argue this, especially as your post is so obviously biased towards renting... I have a little time so I'll play the game (though I have a serious belief you are trolling).

I've read your post a couple of times now, and while I can see (laughable) cost comparisons and assumption but you don't seem to mention the fact you'd actually own a house if you bought? You're working out how much it would cost, without acknowledging that at the end of 30 years renting you'd own nothing, whereas after 30 years of a mortgage you'd own a house...with 30 years of house prices increases.

Actually, I'm not sure I can be bothered to respond to the rest of your post reading your other points about inflation and insurance, completely devoid of logic.

Rent for the rest of your life if you believe that is the right thing to do, I'm sure your landlord is grateful to you for paying his mortgage.

Quoting this as it's worth reading again.
It's possibly thread finished after this post.

RobHT

newsgroupmonkey_ said:

RobHT said:

onylon said:

RobHT said:

Probably you don't get it well.
If you lose your job, you lose your house too.

Or you get another job, invest the redundancy money and come out considerably better off. It's not always doom and gloom.

The redundancy package in UK is ridiculous, it's just about your last salary (which is due anyway), plus one week worth of salary capped at 500 pounds, which means 5y of work = 2500 pounds...

Reading the website right now, it slightly changed:
If you were made redundant on or after 6 April 2021, your weekly pay is capped at £544 and the maximum statutory redundancy pay you can get is £16,320. If you were made redundant before 6 April 2021, these amounts will be lower.

Source: https://www.gov.uk/redundancy-your-rights/redundancy-pay 

These are coins in the London zone and surroundings, up to Birmingham just as an example...

Forget about redundancy mate.

It might be for you, but it isn't for me, nor is it for most companies.

You're talking about statutory (or minimum) redundancy.

Did you also know the minimum number of holidays is 20 + bank holidays too? I don't know any company that pays less than 25.

My contract says I'm paid 1 week of my FULL salary for any years I worked under 30 years old, 2 weeks 30-40, 4 weeks 40-50 and 5 weeks 50+

I've been there since I was 24 (26 years) and let's for safety's sake I earn £1k a week (easy to work things out that way).

6 years at £1k = £6k

10 years at £2k = £20k

10 years at £4k = £40k

So £66k redundancy. That's over a year's salary. Of which the first £30k is tax free. Plus 3 months notice. And I can go get a job next week.

Plus a load of other stuff like paying x amount into my pension.

Statutory is like minimum wage. It's the minimum you pay, not the maximum.

Yes, I'm talking about statutory pay.

What about holidays? How does it fit in this conversation?

The redundancy written in your contract it's only in your contract, I have no such thing, I would love to , I'd stop to be concerned about job loss .
I don't think it's a common thing at all, I personally saw a few contracts in UK, and I've never seen such thing, I mean, what stupid employer would pay so much compared to the standard of the law.

I don't have 3 months of notice, no one in IT has 3 months, we all have 1 month.

RobHT

MobileSaver said:

RobHT said:

the house probably appreciated only 5% ... it will crack down soon based on my analysis.

Is that the same in-depth, carefully-considered, completely-impartial analysis that led you to claim "If you lose your job, you lose your house too" as well as many other too-ridiculous-to-mention false claims?!?!

Read again that sentence, I was talking about the imminent conflict that everyone is talking about.

RobHT

onylon said:

RobHT said:

onylon said:

RobHT said:

onylon said:

RobHT said:

Probably you don't get it well.
If you lose your job, you lose your house too.

Or you get another job, invest the redundancy money and come out considerably better off. It's not always doom and gloom.

The redundancy package in UK is ridiculous, it's just about your last salary (which is due anyway), plus one week worth of salary capped at 500 pounds, which means 5y of work = 2500 pounds...

Reading the website right now, it slightly changed:
If you were made redundant on or after 6 April 2021, your weekly pay is capped at £544 and the maximum statutory redundancy pay you can get is £16,320. If you were made redundant before 6 April 2021, these amounts will be lower.

Source: https://www.gov.uk/redundancy-your-rights/redundancy-pay 

These are coins in the London zone and surroundings, up to Birmingham just as an example...

Forget about redundancy mate.

You haven't factored in the contractual notice period which would typically be paid off as part of the redundancy package. For a mid level IT role that would be 3 months pay tax-free + the statutory payment, before any negotiation. It can be considerably more, especially since many companies mess up the redundancy process and end up in a poor bargaining position as a result. For sure job loss can be very stressful, but it's often a significant net-gain rather than the disaster you are worried about.

Are you in a particularly precarious position? Can you mitigate the risk by up-skilling or getting more qualifications?

Thanks, interesting answer.

My notice is one month, but I'm in this company since more than 2y, I don't see anywhere listed as 3 months in case of redundancy... Is this from the law or it should be in my contract?
In any case, my insurance would help a lot, I'm just saying that I don't see how the redundancy payment will support me...

I'm quite skilled, that's not a problem, reason why at a certain level is not that easy to find the next-gen opportunity , due to scarcity or level of competition.

In your contract it should say how much notice you would need to give your employer if you resigned and how much notice your employer needs to give you. It is usually the same length of time both ways.

If there is a lot of competition for jobs in your field, you could look at picking up some skills in a specialisation adjacent to your own. That way you open up opportunities in both specialisations as well as hybrid roles which can be very hard to fill.

Yes, it's one month for both parties.

It's not that easy to get skills that just a few have, I'm already on that boat, but it's just not that simple as you described it.
The IT world is very bad, you can talk to anyone and they would tell you the same, especially in Engineering.

RobHT

D924 said:

I stupidly took out a LISA so while I agree with OP I'm basically now forced into the pyramid scheme!

LISA =  scam
Help to buy = scam
Shared ownership = scam

Remember this for the future, don't let a .... gov scheme to manage your money, never.