Voluntary or Compulsory redundancy

Xmaself

Hi, I have been working for the same company for 30 years. 
On Tuesday of this week the company announced significant staff redundancies.  They have asked for voluntary redundancy initially this week then next week Compulsory redundancies follow.
I am thinking about asking for voluntary redundancy or will it be more financially better if I wait to see if I am made compulsory redundant?.  

If I am not made redundant but the company goes into administration next year will I be still entitled to redundancy?

Any suggestions much appreciated.

Thanks

sammyjammy

That would depend on the terms, is it statutory redundancy?  If so see this link
Redundancy: your rights: Statutory redundancy pay - GOV.UK (www.gov.uk)

Keep_pedalling

Have they given you the terms of vol redundancy? It’s hard to advise without knowing what you are being offered.

DullGreyGuy

Xmaself said:

Hi, I have been working for the same company for 30 years. 
On Tuesday of this week the company announced significant staff redundancies.  They have asked for voluntary redundancy initially this week then next week Compulsory redundancies follow.
I am thinking about asking for voluntary redundancy or will it be more financially better if I wait to see if I am made compulsory redundant?.  

If I am not made redundant but the company goes into administration next year will I be still entitled to redundancy?

What is the company redundancy policy?

Assuming the company is still solvent then on paper voluntary and compulsory redundancy will be the same, though in a voluntary situation you may be able to negotiate a better deal for making it easier on them. 

Obviously outside of the company then any unemployment insurance or benefits will see the two differently as in the former you have made yourself unemployed whereas the later is was involuntary. 

If the company becomes insolvent then you are still entitled to monies but its a longer process to get them, as far as I am aware its all reduced to the statutory level and for unpaid wages there is a weekly cap (which may or may not be relevant)