To wait for redundancy?

[DijfunvKd]

I have worked at my current job for 8 years. I am expecting to lose it either next year or, at the absolute latest, the year after. That will put me at maximum redundancy pay, which is 2 weeks pay per year, so not an insubstantial amount. There is a possibility that once my job disappears and I get my redundancy, it will be recreated almost identically, and so I get to keep the job and bank the redundancy money.

I keep seeing other jobs advertised, and I'm not sure what I should do. Wait for the redundancy, or jump to another job now (or at least try to).

In case it's relevant, I have a mortgage by myself, so there is no back up from a partner's wage. I have about £3000 in savings currently (only bought my house last year which wiped them out).

Wwyd?

YANBU - wait for the redundancy
YABU - job hunt now

I did, it actually came a year earlier than planned which was a bit annoying as I was due to go on maternity leave which meant missing out on paid parental pay, but I had a good redundancy package which was definitely worth the wait for. I’d been unhappy for sometime but stuck it out knowing it would happen at some point. I also had income replacement cover so was able to claim once I was made redundant and take my time looking for something new.

Sounds very odd that you know that redundancy is forthcoming and that the job stays the same but the employer doesn't.

Is the company going to be continuing to operate or are they dropping one company, employees get the statutory redundancy then the Phoenix company takes the old staff on?

It does make a difference to how your original question is answered.

Jesus Christ, your attitude is disgusting.

@Pazuzu

Sounds very odd that you know that redundancy is forthcoming and that the job stays the same but the employer doesn't.

Is the company going to be continuing to operate or are they dropping one company, employees get the statutory redundancy then the Phoenix company takes the old staff on?

It does make a difference to how your original question is answered.

The 'company' will continue to operate, but the company doesn't directly employ the staff. Staff are directly employed by individuals. When the individuals leave, their staff leave with them. Then the new individual takes over the job and employs their own staff, which can be all or some of the old staff if that is what they want.

@BobHadBitchTits

Jesus Christ, your attitude is disgusting.

Is it? How?

I don’t think anyone else can answer this for you

Do you work for the Queen?
This feels like you work for someone and their going to maybe... die? And you might get rehired by the next one in line?

Am I getting close?

@Regularsizedrudy

I don’t think anyone else can answer this for you

I just want to know what people would do if their choice was wait for redundancy pay v get a new job now.

It is hard to answer your question OP because it either sounds illegal or like you have misunderstood. It sounds illegal because it would be tax evasion, paying you off redundancy money and then immediately employing you means the position was not redundant but a big chunk has been paid to you tax free. So no, not legal.

*they're no their

@Itsalmostanaccessory

Do you work for the Queen? This feels like you work for someone and their going to maybe... die? And you might get rehired by the next one in line?

Am I getting close?

Close That's actually an almost perfect example.

Are you pretending to be a Boris aid or something?

Oooh. This got interesting.

Who do you work for?!?!

Also. Stay in the job! Maybe put some feelers out when it gets close to looking like redundancy time, just so you've got some options lined up. Take the redundancy, hope for the new position but be ready to take interviews if it isnt available.

@Teeturtle

It is hard to answer your question OP because it either sounds illegal or like you have misunderstood. It sounds illegal because it would be tax evasion, paying you off redundancy money and then immediately employing you means the position was not redundant but a big chunk has been paid to you tax free. So no, not legal.

It's not illegal. I haven't misunderstood.

@Itsalmostanaccessory actually explains it very well. Imagine I work for the Queen as her personal staff. When Prince Charles takes over, I will be made redundant. He can choose his own personal staff. He could have an entirely new staff, or he could employ one of the Queen's staff, but they were still made redundant from their role, and being hired by Prince Charles to do the same job, but for him, wouldn't change that.

It could be Boris Johnson, couldnt it?

I'm just being nosey now. Sorry OP!

@HairyScaryMonster

Are you pretending to be a Boris aid or something?

I would be wondering in terms of weeks, not years.

I don't see why the job is relevant. I just want to know whether people would choose to wait for redundancy or choose to apply for new jobs and the security a new one would bring.

@Itsalmostanaccessory

It could be Boris Johnson, couldnt it?

I'm just being nosey now. Sorry OP!

It's absolutely not!

Where I work I think once you take redundancy you are not allowed to reapply for any jobs for a minimum of 1 year. Make sure your organisation doesn’t have any such rules. Also, consider where you might be financially if and when it happens. Prices are going up. Are you on a fixed rate mortgage? When will it end etc - there’s every chance your repayments will go up before then due to rate rises. What I’m saying is we are in very turbulent times economically so your redundancy pay might not stretch as far as you think. There is also every chance your employer decides to change the redundancy policy to one that would be less financially attractive to you.

“I just want to know what people would do if their choice was wait for redundancy pay v get a new job now.”

But it depends on so many factors that only you know. Do you like your job now? Will it be hard to get another job? Do you work in a competitive field?

Thanks @Cheesecakeandwineinasuitcase.

Definitely no rule. 5 year fixed term mortgage which only began last year so that will still be okay.

The redundancy definitely won't stretch far if I have to use it for living for long though. My second job will pay the bills, but ideally I wouldn't want to use the redundancy money to live on, but to save or use for a 'big' purchase.

Is this like a situation where your employer looses a contract so makes you redundant.

Then the company that wins the contract realises they haven't got enough workers / expertise so rehires you?

@Regularsizedrudy

“I just want to know what people would do if their choice was wait for redundancy pay v get a new job now.”

But it depends on so many factors that only you know. Do you like your job now? Will it be hard to get another job? Do you work in a competitive field?

I really like my job now. Albeit that might change with a different boss.

I honestly don't know how hard it will be to get another job. I am quite experienced now, but there aren't loads of job opportunities in the field either.

Do you know who is next up for the job of "boss"? And do you know the people who currently work for them. Is there anyway to find out what your chances are of being hired by them?

@tttigress

Is this like a situation where your employer looses a contract so makes you redundant.

Then the company that wins the contract realises they haven't got enough workers / expertise so rehires you?

Nope, it's more like this from a PP -

Imagine I work for the Queen as her personal staff. When Prince Charles takes over, I will be made redundant. He can choose his own personal staff. He could have an entirely new staff, or he could employ one of the Queen's staff, but they were still made redundant from their role, and being hired by Prince Charles to do the same job, but for him, wouldn't change that.

Work out what your redundancy would be. That’s how much more a new job has to pay you.