Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To take a years salary payout with no future plans (single parent)

83 replies

birkenstuck · 29/06/2021 19:22

I'll try to be brief. Difficult. Am a single parent with no real other support. What I earn pays for me and my two children. Mortgage. Quite a bit of equity. No really significant savings.

Fed up at work. Pays well. Need new challenge. Been there a long time. Getting older. Worried that if I stay much longer it's going to get more difficult to move on as I'll be (seen as...and might actually be) institutionalised. Nowhere to go in my current company.

Ive been stuck in a way as am a little out of the way geographically... so the job I have is really well paid and rare where I am. My children are in school a few more years and I won't move them. Not an option. I had accepted I'd be a little stuck before.

If I take a package being offered (to everyone, if I don't take it my job isn't actually on the line, they just need a certain amount to go... and are almost there in terms of numbers) I would get about a years take home pay.

So. Tempted. A lot of the jobs in my field are starting to become remote. Things have changed. I think I'm pretty employable. I think I'd get a job after taking the package.

So. Aibu to jump. Have a years safety net. Assume I'll get something in that year.

Or am I being irresponsible and foolish. Too risky. Would any gap just look awful to employers?

Obviously the sensible thing to do would be to get another job first. But if I do that I won't get the redundancy.

I could progress the refund cat (would take three months to sort) and in the meantime apply for other roles... so no gap?

Anyone done similar? Anyone regretted it? Anyone taken the plunge and moved on successfully with a little nest egg in the bank?!

OP posts:
birkenstuck · 29/06/2021 19:25

Refund cat? Redundancy! 😂

OP posts:
Royalbloo · 29/06/2021 19:25

Take it! Especially if you're unhappy, but sort out your CV and start applying now!

birkenstuck · 29/06/2021 19:28

I've suddenly reignited my LinkedIn and starting on my cv as we speak! I think my fantasy outcome is that I could put it in motion... and give 3 months notice. Apply like crazy for remote roles. And hopefully have enough to fund uni for at least one of my kids...

But the alternative is, of course, unthinkable. Hmm

I'm 50 for info. Grin

OP posts:
maddening · 29/06/2021 19:31

I.was just about to return from mat leave when they had a round of voluntary redundancy, which was for me a year's salary untaxed, I.took it and enjoyed my year off with ds.

And was lucky to get a new job when I needed it, and much closer to home, and somewhere I really worked my way up and has done wonders for my cv, and led to my current role,.also close to home, so it turned out well for me.

StColumbofNavron · 29/06/2021 19:31

I’d do it, but I am a huge risk taker in work terms, most people think I’m mad. But, since you have a year’s salary I think that removes a lot of the risk and that opportunity isn’t likely to turn up again.

birkenstuck · 29/06/2021 19:36

Oh this is encouraging. Thank you. I am a bit of a risk taker. So my heart is saying do it. If I didn't have the children I wouldn't think twice. But... what if nothing turns up? And I'm fairly "niche" so not sure, even though I'd be open to it, I'd be able to talk myself into a stopgap job.

How has anyone "dealt" with taking vr on their cv... that's assuming I hadn't got another role before leaving? Does it always look dodgy? Can you be honest?

"They offered a years salary, I needed a new challenge, and thought why not!"?

OP posts:
PotteringAlong · 29/06/2021 19:37

Just check you can do that and work straight away! I wasn’t allowed to work in a related field for 12 weeks when I got made redundant

StillCalmX · 29/06/2021 19:38

I would do it if you can make a years salary last 18 months. Take a couple of months off and then see a career coach and get going!

MoiraNotRuby · 29/06/2021 19:38

I would do it if I had a back up plan.

So if you took the redundancy and couldn't find another job within a year, could you afford to get a low paid job, or could you set up as a freelancer? If yes to either of those, then go for it!!!

Grenlei · 29/06/2021 19:39

I'd take it OP. I'm a similar age and have been in redundancy consultations 3 times in the last 10 years, difference for me is all I would get is statutory minimum if made redundant, which is a bit rubbish. For a years salary payout I would have bitten their hands off years ago!

birkenstuck · 29/06/2021 19:40

@PotteringAlong

Just check you can do that and work straight away! I wasn’t allowed to work in a related field for 12 weeks when I got made redundant
Really? Gosh. I don't think so. In fact I think one of the things about this is that it's a particularly "good" deal in many ways...not just the amount.
OP posts:
StillCalmX · 29/06/2021 19:40

Id say you volunteered for redundancy because you knew you could get another job. Or say you took redundancy to be with your kids but now you are clear that working is the right thing for you.

birkenstuck · 29/06/2021 19:41

@Grenlei

I'd take it OP. I'm a similar age and have been in redundancy consultations 3 times in the last 10 years, difference for me is all I would get is statutory minimum if made redundant, which is a bit rubbish. For a years salary payout I would have bitten their hands off years ago!
Oh what a bummer. Sorry. And that's encouraging.
OP posts:
birkenstuck · 29/06/2021 19:41

@StillCalmX

I would do it if you can make a years salary last 18 months. Take a couple of months off and then see a career coach and get going!
I can prob stretch to about 15 months. Not ideal but... it's okay!
OP posts:
TSSDNCOP · 29/06/2021 19:44

30k will be tax free OP

birkenstuck · 29/06/2021 19:44

@MoiraNotRuby

I would do it if I had a back up plan.

So if you took the redundancy and couldn't find another job within a year, could you afford to get a low paid job, or could you set up as a freelancer? If yes to either of those, then go for it!!!

I could freelance but I'd like a regular income. I'm quite interested in taking on 6 month interim roles. I hadn't even thought about this ever, but what I like is going in, sorting my area out, and then moving on.

Obviously this hasn't happened as I've been stagnating due to location, children, personal circumstances, menopause, you name it...

But suddenly, it feels like a one off chance... to be paid well to go and move on.

OP posts:
birkenstuck · 29/06/2021 19:45

@TSSDNCOP

30k will be tax free OP
Yes. I'll only actually get 9 months salary but I've factored that 30k tax free in. Payout would be about a years take home pay ( not, unfortunately my actual salary)
OP posts:
OnTheBoardwalk · 29/06/2021 19:46

Do it!

No problem with having VR on your CV just be clear with any vetting agencies on any benefits you were taking and how you supported yourself during the time so they don’t think you were in prison!

Just be wary about being able to WFH going forward. There are a few threads on here about employers being keen to get people back in the office for at least a few days a week

birkenstuck · 29/06/2021 19:47

@OnTheBoardwalk

Do it!

No problem with having VR on your CV just be clear with any vetting agencies on any benefits you were taking and how you supported yourself during the time so they don’t think you were in prison!

Just be wary about being able to WFH going forward. There are a few threads on here about employers being keen to get people back in the office for at least a few days a week

Yes. Some seems to say "for now", but I've seen a couple that have pushed this. I am totally happy to work from home forever. Smile
OP posts:
DontDrinkDontSmokeWhatDoIDo · 29/06/2021 19:49

How will you feel when this VR window closes and you haven't applied for it?

birkenstuck · 29/06/2021 19:53

@DontDrinkDontSmokeWhatDoIDo

How will you feel when this VR window closes and you haven't applied for it?
Well what is odd is that it was offered last year. I was like this. Put some feelers out... boss said he would support me. But I chickened out. Got my head down and delivered some good work that kept me motivated. Didn't regret it.

It's now open again. And I feel the same. The main difference is last year I was thinking I'd probably have to go freelance/set up on own. Compete risk. Now, suddenly, there seems to be a lot of jobs coming up in my field. I work in quite a rapidly growing area. And now.... I'm seeing remote roles. So I can stay in the sticks. Feels different.

If I don't take it this time. Not sure. I might feel like I've chickened out of an obvious opportunity?

OP posts:
titchy · 29/06/2021 19:53

Another vote for go for it! Would you definitely be accepted though? We have a VS scheme and my boss told me in no uncertain terms he wouldn't approve an application from me (not that I was making one!) Grin

ThinWomansBrain · 29/06/2021 19:54

take it - see if you can negotiate any funding for outplacement/career coaching.
even if there is s short period when you can't work in a related field, that gives you a summer with your children - and many candidates would need to work three month's notice anyway, so you can start looking around anyway - the money gives you a cushion so that you don't feel pressured to take the first thing that you're offered.

birkenstuck · 29/06/2021 19:54

@titchy

Another vote for go for it! Would you definitely be accepted though? We have a VS scheme and my boss told me in no uncertain terms he wouldn't approve an application from me (not that I was making one!) Grin
Always good to know where you stand 😬😬😬
OP posts:
Eleoura · 29/06/2021 19:55

Do check you won't be on 'gardening leave' for a period of time, and not able to get another job within your sector. This really depends on your role and seniority though? A colleague had 6mths, but we were working in a niche, small market. Also, check that would you indeed be getting 12mths pay, and not 12mths basic pay without weekends/overtime or any extras. That seems very long. I know its not redundancy, but it has caps now too, so triple check the details before going ahead. Do you have a union you could check the fine print with? Or acas?

Start looking now for other roles and best of luck.