Redundancy - options help..

[Gio G]

So, to cut a long story short... Could be potentially offered redundancy next year, as currently going through a consultation process, due an office closure.

I could work from home, doing my job, however, the redundancy payment would be equal to around 1.5 years of pay, after tax, as I have done around 17 years with this company.

Do I consider redundancy and look for another role? or stay put, bearing in mind the current climate?

Any opinions would be great....

[T5R+]

Seem to recall that the first £30K is tax free

Everybody has their own views. My glass is half full and I think the economy will improve i.e jobs prospects will improve.

You have to do what is right "for you and yours".

[fido]

Depends how much you value your job / career security. If i was offered 18 months, i'd snap their hand off. Well probably their whole arm.

[Muzzer]

Depends what sector you're in, whereabouts you live and how old you are.

Personally, I'd be sorely tempted with 1.5 years salary. Worse case scenario you can take 1.5 years off job hunting. Will it take you 1.5 years to find an equivalent job?

[Bonefish Blues]

Muzzer said:

Depends what sector you're in, whereabouts you live and how old you are.

Personally, I'd be sorely tempted with 1.5 years salary. Worse case scenario you can take 1.5 years off job hunting. Will it take you 1.5 years to find an equivalent job?

Actually longer than that, given the tax-free first £30K.

[Mark34bn]

While you're looking for your next 'proper' job try buying wholesale / bankrupt stock and selling on Ebay. There's a lot of money to be made.

[Dupont666]

Mark34bn said:

While you're looking for your next 'proper' job try buying wholesale / bankrupt stock and selling on Ebay. There's a lot of money to be made.

Just one issue with that....

Ebay is involved

[shirt]

depends what your situation is - how long the severance will last you, what dependents you have, what your job is etc.

if married with kids its a harder decision than single with no ties. i have been offered 6mths salary to leave, which i am accepting.

[Dupont666]

shirt said:

depends what your situation is - how long the severance will last you, what dependents you have, what your job is etc.

if married with kids its a harder decision than single with no ties. i have been offered 6mths salary to leave, which i am accepting.

I got offered 8-9 months and then once the 30k no tax was taken into consideration it was more like years wages

Though I had no choice as it was more of a get the fk out and here is some money we need to cut 1000 jobs and someone has to go, so no relocation, etc...

[shirt]

i volunteered. i hate the job and there are no roles in this company and this country that i want to do long term. our european sites aren't recruiting and if i survived the axe i'd be locked into a job with dead man's shoes progression. itst he kick up the arse i've needed to move on.

6mths isn't a great deal having had a 20% pay cut this year. i spend a third of my wage just coming to work so i can live for 9mths without altering my lifestyle.

[Gargamel]

No idea from your post how 'employable' you think you are. 17 years is a long stint.

Could you take the money and use it to start a business, fund a lifestyle change, pay off the mortgage etc.

Of course, if you get another job quickly then its a real bonus.

Job market is improving in most skilled areas, interim IT however remains fairly slow.