To take Voluntary Redundancy

I did it last year after 35 years for the same employer. I don’t regret it for a minute but I was very lucky in that I walked away with a redundancy package which was equivalent of 3 years salary.
I have taken the year off and now going into a new career completely different but I didn’t want to go back into a corporate environment.

I might think twice if the package wasn’t something that I could live off for a year given the current job market.

I took the leap.and did it 12 years ago. I was really fed up at work and it gave me the push to get out. I remember the solicitor when I signed the deal pressing me on how sure I was. She recognised that in our area there weren't the opportunities and I'd be giving up earning potential and pension. I did it anyway and I managed to get a job lined up before I left,.but it wasn't a massive happy ending at first. The money was soon swallowed up and I had to work double the hours to earn what I was earning before. I got two jobs, a school hours admin job and an evening job in a supermarket. It was good as I didn't need childcare but it was hard physically and I did struggle emotionally with the loss of my career and sense of self.
I ended up doing it for 5 years before the admin job morphed into something else and now I'm full time in a job that I love and I'm progressing in. I wouldn't have it any other way and I'm 100% glad I took the risk, but yeah it's a big decision!

It's 6 months salary but worth a bit more than that as some will be tax free (not all of it as I would guess it's 20k inclusive of your notice period and stat redundancy and anything else they have to give you).

Do you think you can get another job within 6 months? That's an important question.

I would ask for at least 20k pay out on top of notice, holiday pay (for any unused annual leave) and stat redundancy pay.

You can probably negotiate more than currently is on the table as if you have been offered VR, they want people to go and going quietly and in a amenable way is better than the statutory process that will follow if they don't reduce staff

I've recently taken VR, I didn't have to but I was so fed up and unhappy in a toxic environment it felt like a golden rope ladder for me to escape. I'm older than you (from your kids ages) and have the security of a being able to take a pension within a year. I landed casual work straight away, but looking for a 'proper' job too. A couple of things I didn't think about. Leaving a job where you have longevity you have to start again in building those employment rights that kick in after 2 years, same with leave accrual. Other than that it's difficult to advise as everyone's circumstances and mindset are so different. As they are offering VR they are looking to save money/reduce headcount/restructure. If restructuring there may be new opportunities at your current place? If it's just cost cutting and there are no takers for VR it seems inevitable CR would follow in the organisation. It might not be a bad idea to spruce your CV up, and test the waters ahead of any decisions on your or your employers part.

My DH took redundancy about 3 years ago, it was a low paying job but his length of service meant a decent pay out. He found another job before he left his old one - still low pay but much nicer environment and hours that are perfect for working around our ds. We put his redundancy together with some savings and it meant we were able to sell our house and move to a nicer area.

He was very nervous about the jump, he's autistic with dyspraxia and had worked there since he was 19 but it was awful. He's so much better off where he is and it's given him some confidence too.

This

I thought that too! I got more than that for 10 years NHS service on a lower salary. However, their package is 1 months gross pay for every full year served which is how I ended up with £28.5k. (Maximum is 20 years I think)

Yes, all places are different. The package you describe is not on the radar in the sector, I'm wondering if you would share the name of the uni?

The university I work at offered six months salary if you have been there 2 years but over 3 years they offered a huge package according to the number of weeks served. All places are different.

Do it!! I took VR from the NHS in 2023 and got £28.5k. I was so nervous the first day after I left, knowing I was jobless. However, I secured a job within 5 weeks which paid £13k pa more in the Civil Service 🙌 🙌 The Security checks took forever so I temped for a bit but now I’m loving it. We used the money to pay off our debts and have a dream holiday.

I did and got another job the same week, my ex was telling me I would never get anything else and to stay put. I had done 18 years and got £17,000 (I worked park time). Best time I ever did, you need a different mindset, the working world is a massive place.

Why not contact local employment agencies to see what their view of the current employment situation and the type of employment they can offer

I am au fait with the university redundancy packages across the sector at the moment, and the package you describe is not available at any of them. Care to name the university?

She said £5 per hour per child, which is correct.

Yes, around 6-7 months' salary, tax free up to a certain high threshold. That's really good, it will last nearly a year. Why would it be higher? That defeats the purpose of VR/VS, meaning many, many more jobs would have to go to meet savings targets...

Employers don't pay severance or redundancy pay to employees who have been there less than two years.

It's really not.

Not everyone gets an enhanced package and the statutory amount is capped.

I turned down be because despite good days I wasn’t sure dh would still respect me

Oftentimes, employers will pay notice in addition. Not always though.

Take it! a year's wage (I assume your salary is 40K pro rata) tax free is a good deal.

Also when companies start making voluntary redundancies it could be that compulsory redundancies are next so you might end up losing your job anyway and getting a less favourable pay out in a few months...

I hate my current company and I would take this offer with a big smile on my face!

Yes, the months notice is probably if employee gives it. If employer gives it, as in a redundancy situation, it will be minimum one week per full year served

What is your actual salary? (I can’t work out if £40k FTE or you are getting £40k) and what do you currently do with your salary, assume not save it given you have no savings, so how do you plan to live while you find a job and then take a £15k pay cut?

You talk about putting the money in an ISA but I don’t see how the money won’t be needed?

I did that, fifteen years ago after 25 years in the civil service. It was a good package and I'd do it again.

The good

The job had become tedious, with few development prospects. I'd learned new infinitely transferable skills and left with great memories, lasting friends.

Since then I've had opportunities and experiences I'd never have had if I'd stayed. My CV looks amazing ...

The bad

I'd never had to apply for a job since uni and I didn't have the first inkling of how to begin to think about trying to do it. Not a clue. And meanwhile the internet had happened and I was mystified. Because my employer had failed to give us one second of support and training how to survive out here.

If there is outplacement training available - grab it.

Polish your cv with all the keywords relevant to your profession and role you want.

Polish and use your linkedin to leverage your network - that's where the jobs are, not on the job sites.

And the ugly ...

Not only was I redundant, and unemployed, I was also peri menopausal, and I crashed. I was grieving the end of something that had been half my life, no longer able to describe myself in my accustomed terms. Who and what even was I. Everything had changed.

Yes, I had a cushion of cash. But a big chunk went on credit card debt and I just wallowed in the rest until one day I realised ... It's nearly all gone.

Because I'd failed to be prudent and to plan and set goals.

I had a huge piece of luck when a recruiter found me online and I got a six month contract where I reinvented myself and I'll always be thankful to him. That's happened three times since then. So make yourself VISIBLE.

I started my own business too - I highly recommend EVERYONE do that (the tax expenses, the extra personal development, contacts, extra income). Seriously, do it. You can be an employee AND self employed at the same time.

I had a brilliant 18 months contract that ended a year ago. I did a £5K month once during that, too.

Today, I'm having difficulty paying my mortgage.

It's very very difficult out here. Brilliant people on LinkedIn are shaken by how hard it is currently to get a new role.

Ageism is rife. Be strategic how you compose your CV etc if you're over 40.

Keep your wits about you. That money will flood out of your hands. Start looking for a new job NOW - the practice of applying and interviewing will be valuable. Be aware of your mental, emotional and physical state and be kind to yourself if you do go ahead.

All the best.

They do have to pay the first two years but nevertheless it’s a lot more than statutory which is a week per year as you say, but the week is capped. There will be notice and any outstanding holiday entitlement on top (taxable). I don’t know why so many people are saying it’s a poor offer, it’s more than 6 months full time pay given it’s tax free.