should i take a deal?

M

mykey

Guest
39 years old, manager, good qualifications, good job (good hours most of the time!), 17 years in the one company - has the chance to go for voluntary redundancy, possibly a 6 figure sum? should i take it or not???
 
have you any dependents, debts, negative equity etc?? and have you much savings other than the potential redundancy payment?
 
Agree with chlipps above
Redundancy payment acceptance much depends on your lifestyle, family and debt. You must consider worst case scenario - and can you deal with that. Do your projections based on absolute worst case scenario. I believe that will give you the answer.

Liz
 
lizabeth said:
Agree with chlipps above
Redundancy payment acceptance much depends on your lifestyle, family and debt. You must consider worst case scenario - and can you deal with that. Do your projections based on absolute worst case scenario. I believe that will give you the answer.

Liz
Click to expand...
Meant: Do your "projections based on absolute case scenario" Apologies
 
mykey said:
39 years old, manager, good qualifications, good job (good hours most of the time!), 17 years in the one company - has the chance to go for voluntary redundancy, possibly a 6 figure sum? should i take it or not???
Click to expand...

I would say, no, unless you think that further down the road there may be compulsory redundancies and you will be targeted. If you are happy in your job stay there. Don't let the "open a wine bar in Spain" or "Bed and Breakfast" in France take hold. Faraway Hills are always greener but....
 
thanks for reply lizabeth, i have 2 kids and a wife, only debt is a mortgage. there is a possibility we could move to UK as my wife is from there.
 
A six figure sum? TBH, I think you'd be mad not to take it!

I am self employed myself so maybe I have a different perspective.

Why not get an offer of another job before you take the redundancy?
 
Its a tough one, if you were 5 or so years older them it would be a no brainer. I guess you need to look at how employable you are, how is your pension, savings, equity in home etc
 
Possibly a six figure sum ?

I would want to know the exact sum before deciding

Is it gross or net of tax ?
 
I would say no to that one. A six figure sum might not even be the equivalent of 2 years salary.

You need to look at the tax implications as well before you sign up. Also, would you get a position elsewhere, and at what level. Are there jobs out there/England? Also,are you happy in your current position, which has a lot to do with it.

Only thing I have seen in many companies is that those who go in the first batch of redundancies usually get a way better deal than those then selected for compulsory redundancy or eventual closure of the firm. First up, best dressed, as the saying goes.
 
The big question is how easily you can get a job in the future. The six-figure sum is probably 2 years salary. It's a fantastic bonus if you can get another job. It will dissappear quickly if you don't get work.
 
six figure sum - take it, bite there hand off- you'll get another job you've loads of experience. you'd be crazy not to take that opportunity. 17 years in any job is enough you probably need to broaden you experience anyways.
 
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