Redundancy

We're currently going through a redundancy consultation period in work and the company have said they'd be interested to hear if anyone would favour redundancy over staying.

As I'm here 8 years and the statutory works out at 10k before the ex gratia and our 2 months notice I'm very tempted to take it as I've no mortgage or dependants.

I seem to remember reading somewhere before that there is tax or social welfare implications if a redundancy is voluntary. I've had a look on oasis but can't find anything specifically dealing with this.

Does anyone have any insight or experience of this ?

Have you checked [broken link removed]?

Hi Penfold,

Im moving this from Other Financial Issues to Careers, Employment/Unemployment, Further Education/Training which is were similar questions have been asked in the past.

You can search the Careers forum for Redundancy and you will get many hits. .
aj

This is fine to take redundancy if you are sick of the industry and want to retrain anyway.

On the other hand, what if you don't get another job at a similar level of pay.

I got made redundant and had to go back to earning a lot less, just to get a job. I found it soul destroying, having to take a more junior job, and be earning less than my friends/colleagues. Even after two years, I am only just creeping back up again to the rate of pay I should be on.

If you are taking redundancy, you would want to be very sure that you will get another job with similar rates of pay.

Penfold said:

As I'm here 8 years and the statutory works out at 10k before the ex gratia and our 2 months notice I'm very tempted to take it as I've no mortgage or dependants.

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Hi Penfold, no disrespect but if you are there eight years presumably you have rotted your way up the scale at this stage. Assuming that I think 10k sounds pretty pathetic. Have you been told "it's x weeks per year" for example someone on the average wage (which I think is 30k?) getting 5 weeks per year (which would probably be considered average would get 600x5x8 = 24,000.

In addition to the above I fully agree with buzybee's comments - if you hate the people and the job then go for it, otherwise thread carefully!

Roy

Penfold said:

As I'm here 8 years and the statutory works out at 10k before the ex gratia and our 2 months notice I'm very tempted to take it as I've no mortgage or dependants.

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Are they not offering anything more than statutory? How much is the ex-gratia payment?