Offered redundancy...query

[alexandra123]

Hello,

Just looking for some advice here.

I have been offered redundancy in my workplace. This is the 2nd time in last 2 years. They pay out 5 weeks for every year of service and I have 10 years service. I think I will get about 40k or their abouts.

My bills equate to 1400 a month. Jobseekers allowance is around 800 a month which leaves a deficit of 600, thats without clothing and petrol.

At the moment I feel stuck in the job and think it is time to move into a different area. I am here about 17 years but only permanent 10.

I am wondering if I should take the package and go back to college for a year full time and get my masters degree. I am thinking that the 600 deficit can come off the redundancy package which will still leave me enough money to live on to get through the full year in college.

Has anyone done this before and what is peoples thoughts ?

 

[Monbretia]

Yes but you won't get jobseekers if you are in college full time as you won't be available for work so the total monthly costs will be the shortfall and not just the 600.

If you are near a Citizens Information office enquire what back to education schemes if any you might be entitled to and could switch to from jobseekers benefit so that you could continue to receive a social welfare payment, not sure if any of them apply to doing a Masters.

 

[thedaddyman]

firstly check if it is a compulsory or voluntary redundancy, that can impact when you are able to sign on after redundancy. Also ask if you employer are including any retraining or employment consultancy with the package, many of the American companies do this.
In terms of service, worth checking to see if the 7 years of non-perm service are included, I've seen employers include it where it was temp contracts rolled over.