How to decide if Redundancy right option

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Adrienne41

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Husband's job is offering voluntary redundancy. He has 22 years service, payment is capped at 100K. Trying to decide if its the best option for us. For anyone who has been through it, any regrets etc. How did you come to the decision etc. Did you find it easy to get work? Any advice welcome.
 
Adrienne41 said:
Husband's job is offering voluntary redundancy. He has 22 years service, payment is capped at 100K. Trying to decide if its the best option for us. For anyone who has been through it, any regrets etc. How did you come to the decision etc. Did you find it easy to get work? Any advice welcome.
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Hi
Items to consider are
1. What's Amount after tax.
2 100k might seem a lot but goes quickly !
3 FYI Should get jobseeker benefit (after short disqualification period as over 90k gross )
4 is he happy in job ?
5 getting another job - depends on age etc. Harder older you are
Start looking now to try to see before applying fir redundancy
6 what are debts to be serviced ? regular expenses ?
7 are you working ? Impacts everything !

Just a few thoughts to kick off
 
Seriously depends on his new work options which depends on the job, his location and his age.

I took voluntary redundancy 5 yrs ago, got a nice lump but that's it, once JB runs out then means testing means you get nothing if you have savings. I have not managed to find a new job other than a couple of short term things since, but I am in small town Ireland and am over 50 which is the kiss of death for getting a new job in my opinion based on my experiences.

I have many days when I regret it, even though I know if I had stayed they would have found a way to get rid of me as they have done many of my former colleagues, we weren't wanted so it's hard to battle against that.

So basically if he is sure he can get another job, that to me would be the main decider (having said that I was sure I would too!)
 
I did it too and got new job easily enough but it's very individualistic....
Second time round proving much harder .....
 
You need to give the information which mtk lists out.

The key thing is what his job prospects are. €100k is huge money if he is on €20k a year. It's nothing if he is on €300k a year.

Your overall finances matter as well. If you are facing the loss of your home through arrears, €100k might help you keep it. If you have €400k in the bank, having a job and status may be more important.

Brendan
 
Don't make the assumption that if this is turned down, things will continue as is... At the very least, likely to have more work on the plate, as the remaining staff have to cover their own work and the work of those who have left.
And quite possibly in 3-5 years you will find yourself with the same decision, but the package won't be as good, may not be voluntary. Ireland's economic situation right now is relatively buoyant, in general, not the worse time to be coming onto the jobs market.
 
Monbretia said:
Seriously depends on his new work options which depends on the job, his location and his age.

I took voluntary redundancy 5 yrs ago, got a nice lump but that's it, once JB runs out then means testing means you get nothing if you have savings. I have not managed to find a new job other than a couple of short term things since, but I am in small town Ireland and am over 50 which is the kiss of death for getting a new job in my opinion based on my experiences.

I have many days when I regret it, even though I know if I had stayed they would have found a way to get rid of me as they have done many of my former colleagues, we weren't wanted so it's hard to battle against that.

So basically if he is sure he can get another job, that to me would be the main decider (having said that I was sure I would too!)
Click to expand...

The job market today is a very different place than 5 years ago. Also, no one I am told, puts their date of birth on a CV anymore.

Maybe you should get back into the job market yourself Monbretia.
 
Do you think I haven't tried! I haven't been not trying for last 5 yrs, had an interview only few weeks back, but that's it I'm done. It's bad for the soul getting constant knock backs. You don't have to put your date of birth on a CV, it's pretty obvious from the work experience and it is blatantly obvious when you turn up for interview. Last one I went for I predicted a man in his early 40's would get the job and low and behold so it came to pass :) Yes he might have been the best at interview but it sure helped that he was 10+yrs younger than me.
 
Monbretia said:
Do you think I haven't tried! I haven't been not trying for last 5 yrs, had an interview only few weeks back, but that's it I'm done. It's bad for the soul getting constant knock backs. You don't have to put your date of birth on a CV, it's pretty obvious from the work experience and it is blatantly obvious when you turn up for interview. Last one I went for I predicted a man in his early 40's would get the job and low and behold so it came to pass :) Yes he might have been the best at interview but it sure helped that he was 10+yrs younger than me.
Click to expand...

Would you not consider going self employed? This appears to be a popular option among older people in the UK at the moment. Find something you enjoy doing and turn it into a business, gardening, painter, taxi driver...the list is endless. Maybe you could do a start your own business course to get going. I agree with you ageism does exist and it can be soul destroying when you do get that odd interview and then get turned down in favor of a younger person. 50 is far too young to give up, you wont qualify for the pension for the next twenty odd years so think of something and onwards you Monbretia!
 
I'm a bit with 50 at this stage, closer to the next decade than the last :)

I am actually self employed at the moment, I have done 2 SYOB courses over the years. I did exactly as you suggested and took a hobby I loved and am very good at and turned it into a business, now it's no fun anymore! On top of that it generates buttons income wise for the amount of work needed, my average weekly income last year was less than the dole and I worked for it. Hence why I wanted to get back to being an employee, being a sole trader is a pain as you can't be sick, no paid holidays and dealing with the regulations and paperwork/accounting side of business takes a lot of time and is stressful. My father says I am too honest to be self employed :)

My pension kicks in at 65 (hopefully the company won't ruin it before then), I have a goodish pension if it still exists then and I would be rich, rich I tell you, compared to now!
 
Everyone is saying the country is on the up!! Maybe its just the people I know, but, we cant see it.. We read about it and listen to it regularly, but no one I know agrees. Maybe if we say it often enough, it will just happen.
Its a sad reflection on the economy, (and I don`t direct this to you Monbretia) that we look forward to retirement as a way to start enjoying life.
 
Thanks for all the info, definetely interesting reading. Seems everyone has a different story to tell, some good some bad.

His application was accepted and it will be circa 100k. We are in Dublin and he is mid 40's, he would have a very good reputation in his field so we are cautiously optimistic of his chances of reemployment. Yes I work part time, we are relatively debt free apart from mortgage. Couple small loans due to finish up by Feb anyway.

Doing same job for 22 years, taken over by new crowd. This is second lot of redundancy in his division since takeover. Other areas being cut back also. New crowd not treating them very well at all, so don't think down the road he would be happy anyway.
 
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