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

@Itsalmostanaccessory

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?

Nobody knows yet. I should find out by at least two or three months before the change happens, which I guess will make it easier in figuring out whether they'd want me to work for them and whether I'd want to work for them.

@FudgeSundae

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

That is genuinely brilliant advice! Thank you.

OP your vagueness and rude attitude to posters is helping you get sensible answers 🤷🏼‍♀️

#isn't

I used to work with a man who has just got his redundancy. I first worked with him in 1996 and he was holding on for a package then.

He's done very well financially, eventually, but he's been miserable for his entire working life and probably would have earned more overall if he'd moved around a bit.

Do what's best for you now. Don't plan around something that might enver happen.

NRTWT

OP clearly works for an MP.

@OddsNSodsBitsNBobs

OP your vagueness and rude attitude to posters is helping you get sensible answers 🤷🏼‍♀️

It's frustrating and irritating to have reply after reply of 'you don't understand', 'you must be mistaken', 'you can't know you're being made redundant', 'this is illegal'.

@alldressedupinblue

NRTWT

OP clearly works for an MP.

I do

Wish I'd just put it in the OP now. I didn't think the job would matter, just the circumstances I provided.

I would stick but only if your in the kind of industry that isn't going to dry up in the next couple of years meaning you'll get your redundancy then similar jobs will be few and far between.

I did wait. It was a bit agonising because I knew it was coming but not when & I wanted out. It took 2 years but slashed years of my mortgage & put us way ahead. Very much worth it.

In my case you can't be re-employed by the employer for 2 years but the time from signing the agreement to finishing up was ample time to find another job.

To be fair OP your situation is fairly unusual. The misunderstandings on this post that you clearly annoyed by is because that is the process that applies to 99% of jobs.

If you had explained your job in your opening post then you would have had a much more constructive thread

I waited - had been there 10 years and it took 2 more. Got 3 months stat pay then 3 months notice pay. At the end of my notice period I found a job within a month. So I basically got 6 months pay and 3 months "off" (in lockdown with a one year old with no nurseries!)

@Womencanlift

To be fair OP your situation is fairly unusual. The misunderstandings on this post that you clearly annoyed by is because that is the process that applies to 99% of jobs.

If you had explained your job in your opening post then you would have had a much more constructive thread

I did explain it in my OP. No one needed to know the job. Knowing what I do doesn't change the circumstances set out in the OP one iota.

I wasn't looking for advice on whether what I knew about the process was right or wrong, but still people wanted to tell me I was wrong.

@ToykotoLosAngeles

I waited - had been there 10 years and it took 2 more. Got 3 months stat pay then 3 months notice pay. At the end of my notice period I found a job within a month. So I basically got 6 months pay and 3 months "off" (in lockdown with a one year old with no nurseries!)

That's helpful, thank you.

I've been waiting for 2 years. I go in 2 months. I'll get a year's money but it is a tricky balance between the demoralising impact on self-worth sticking out a dying job, vs the pay-off.

Your terms don't sound as favorable, but the first £30k is tax free.

For £5k redundancy, no, I'd want job security. The redundancy is not enough of a windfall. £30k and I'd hold out!

@WhatsitWiggle

For £5k redundancy, no, I'd want job security. The redundancy is not enough of a windfall. £30k and I'd hold out!

Somewhere in between. If the General Election isn’t until 2024, which is looking increasingly likely with the polls as they are, they it would be about £15k.

I wouldn't bother holding out for £15k. Look for a new job and if a good one comes up with a pay increase, go for it.