Voluntary redundancy offer
Discussion
Evening all,
I've worked in the same company all my life ~10 years. It was announced last week that voluntary redundancy was being rolled out to lower the head count. This has happened once before however this time they have stated if they don't get required numbers they will need to move to compulsory.
I enjoy my job but have been becoming disillusioned with the company for a while, generally expecting to give more responsibility to me without any financial reward. I'd have never thought of leaving what has been a secure well paid job with good benefits.
I asked for a quote and it's 16 months salary equivalent with the first 30K tax free.
I'm not really expecting my application to be accepted if I do but you never know. I'm going to phone up a few recruitment agencies next week to test the water.
I'm a chartered engineer with 10 years experience (nuclear) could do Project/Engineering Management roles. Probably under value my saleability with only ever working for one company.
Wife is in a well paid and secure job but is pregnant.
Not asking 'what would you do' rather hear from those who have done similar.
Best case scenario I get it, and have a contracting job lined up, with a longer term view to getting a perm position again, worst case I can't find another job and eat into my severance is the way I'm looking at it.
I've worked in the same company all my life ~10 years. It was announced last week that voluntary redundancy was being rolled out to lower the head count. This has happened once before however this time they have stated if they don't get required numbers they will need to move to compulsory.
I enjoy my job but have been becoming disillusioned with the company for a while, generally expecting to give more responsibility to me without any financial reward. I'd have never thought of leaving what has been a secure well paid job with good benefits.
I asked for a quote and it's 16 months salary equivalent with the first 30K tax free.
I'm not really expecting my application to be accepted if I do but you never know. I'm going to phone up a few recruitment agencies next week to test the water.
I'm a chartered engineer with 10 years experience (nuclear) could do Project/Engineering Management roles. Probably under value my saleability with only ever working for one company.
Wife is in a well paid and secure job but is pregnant.
Not asking 'what would you do' rather hear from those who have done similar.
Best case scenario I get it, and have a contracting job lined up, with a longer term view to getting a perm position again, worst case I can't find another job and eat into my severance is the way I'm looking at it.
a311 said:
Evening all,
I've worked in the same company all my life ~10 years. It was announced last week that voluntary redundancy was being rolled out to lower the head count. This has happened once before however this time they have stated if they don't get required numbers they will need to move to compulsory.
I enjoy my job but have been becoming disillusioned with the company for a while, generally expecting to give more responsibility to me without any financial reward. I'd have never thought of leaving what has been a secure well paid job with good benefits.
I asked for a quote and it's 16 months salary equivalent with the first 30K tax free.
I'm not really expecting my application to be accepted if I do but you never know. I'm going to phone up a few recruitment agencies next week to test the water.
I'm a chartered engineer with 10 years experience (nuclear) could do Project/Engineering Management roles. Probably under value my saleability with only ever working for one company.
Wife is in a well paid and secure job but is pregnant.
Not asking 'what would you do' rather hear from those who have done similar.
Best case scenario I get it, and have a contracting job lined up, with a longer term view to getting a perm position again, worst case I can't find another job and eat into my severance is the way I'm looking at it.
You say your disillusioned. I think ultimately they will continue to take the p unless you do something about it. I would take the cash and move on I've worked in the same company all my life ~10 years. It was announced last week that voluntary redundancy was being rolled out to lower the head count. This has happened once before however this time they have stated if they don't get required numbers they will need to move to compulsory.
I enjoy my job but have been becoming disillusioned with the company for a while, generally expecting to give more responsibility to me without any financial reward. I'd have never thought of leaving what has been a secure well paid job with good benefits.
I asked for a quote and it's 16 months salary equivalent with the first 30K tax free.
I'm not really expecting my application to be accepted if I do but you never know. I'm going to phone up a few recruitment agencies next week to test the water.
I'm a chartered engineer with 10 years experience (nuclear) could do Project/Engineering Management roles. Probably under value my saleability with only ever working for one company.
Wife is in a well paid and secure job but is pregnant.
Not asking 'what would you do' rather hear from those who have done similar.
Best case scenario I get it, and have a contracting job lined up, with a longer term view to getting a perm position again, worst case I can't find another job and eat into my severance is the way I'm looking at it.
"I enjoy my job but have been becoming disillusioned with the company for a while, generally expecting to give more responsibility to me without any financial reward."
Given the above I would bite their hand off unless you are earning vastly more than you could earn elsewhere.
I know several people that now think voluntary redundancy was the best thing that ever happened to them!
Given the above I would bite their hand off unless you are earning vastly more than you could earn elsewhere.
I know several people that now think voluntary redundancy was the best thing that ever happened to them!
Thanks for all the replies. This being my only real job I think it's fear of the unknown. I'm definitely talking myself into it, my own impression of the jobs market in the sector is that it's pretty slow but I know plenty of contractors who've been laid off only to walk into another job the next week.
I'd say salary wise the company has fell behind the competition over the last 4-5 years. I'd be chucking away a final salary pension but believe this would be offset by higher earnings potential elsewhere. Coupled to the fact I don't expect to retire on a final salary pension anyhow with another ~30 years left to go.
I'd say salary wise the company has fell behind the competition over the last 4-5 years. I'd be chucking away a final salary pension but believe this would be offset by higher earnings potential elsewhere. Coupled to the fact I don't expect to retire on a final salary pension anyhow with another ~30 years left to go.
Sounds like a very generous offer, I worked for AMEC and their redundancy terms were much worse than your offer.
You are still young enough to make the most of whatever opportunities lie ahead and nuclear power and services are going to be in demand, along with your skillset.
Good Luck in whatever you decide.
You are still young enough to make the most of whatever opportunities lie ahead and nuclear power and services are going to be in demand, along with your skillset.
Good Luck in whatever you decide.
Chicken Chaser said:
There's a possibility that VR may be on the cards for me within the next year. It's a month for every year. Is that about right?
You would be lucky if that was the calculation basis. Statutory redundancy is worked on a matrix and easy to google. Anything more than that is either contractual or at the company's discretion. The statutory bit is:
half a week’s pay for each full year you were under 22
one week’s pay for each full year you were 22 or older, but under 41
one and half week’s pay for each full year you were 41 or older
Length of service is capped at 20 years and weekly pay is capped at £475. The maximum amount of statutory redundancy pay is £14,250.
So to the OP, it's a very good deal indeed - something near seven weeks for every year worked. If I were you I'd take it, and then see whether you can get something close to home so you can make the most of your new baby.
half a week’s pay for each full year you were under 22
one week’s pay for each full year you were 22 or older, but under 41
one and half week’s pay for each full year you were 41 or older
Length of service is capped at 20 years and weekly pay is capped at £475. The maximum amount of statutory redundancy pay is £14,250.
So to the OP, it's a very good deal indeed - something near seven weeks for every year worked. If I were you I'd take it, and then see whether you can get something close to home so you can make the most of your new baby.
I'd have thought with £2bn to spend there will be permanent or contract positions available somewhere.
hidetheelephants said:
I'd have thought with £2bn to spend there will be permanent or contract positions available somewhere.
Think you've missed a few zeros off as the link says 2M. If new build gets off the ground there should be plenty of work around. Going to call a few recruitment agents today and brush up my CV. Will also do a few calcs to see what I would expect after tax and by time they buy my annual leave off me.I'm still expecting to be declined if I apply, it may make them relise I'm not particualry happy with the current set up anyhow.
Not sure where the extra 10^3 appeared from, I must have been reading some other articles when I responded to this thread. 2bn would be a more realistic figure if the UK is to actually lead in technology rather than just follow on and pay to licence tech developed elsewhere.
Edited by hidetheelephants on Tuesday 20th October 14:24
a311 said:
I'm still expecting to be declined if I apply, it may make them relise I'm not particualry happy with the current set up anyhow.
It's usually a time when prejudices are put aside, no-one tends to bear any grudges towards people who apply and are declined, because often the managers, the guys who could be in a position to bear the grudge are also considering their options as well. Gassing Station | Jobs & Employment Matters | Top of Page | What's New | My Stuff