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Original poster

To consider leaving with 18k

33 replies

needoptions · 26/03/2023 19:12

Voluntary redundancy has been advertised in my workplace. Not for the the first time. I currently earn £36k and would leave with half that amount.

I like my workplace, for the colleagues, the benefits, the T&C's. But I hate the actual job, and everyone is pretty miserable and feeling very unsettled at the moment.

I live with my 18yo DC who is working, and my current total outgoings are £1200pm.

If I leave my job, I will need to take a pay cut as I won't be going into a similar role. But there is absolutely not way I can do this job for the rest of my life, so I'm thinking it's best to walk away with some money if I'm going to leave at some point anyway?

I have been looking into refreshing my admin qualifications, and that's likely the role I would do back to.

Would I be crazy to take the VR with no job lined up?

Also, would I be able to claim any benefits while I was looking for a new job?

Thanks.

OP posts:
Ohmy88 · 26/03/2023 19:16

This feels like too big a decision to advise on without knowing more about your situation & prospects! But for info I’m pretty sure if you take VR you’re not eligible for any type of benefits for 12 months…

Shanksponyorbust · 26/03/2023 19:16

You hate your job. Snatch that £18k out of their hands and run.

It will give you some thinking space on what you would like to do or supplement your next job if it pays less as you think it will.

As you say you’re going to leave anyway, better with £18k than without.

Coffeellama · 26/03/2023 19:18

You can’t claim benefits with over 16k in savings, don’t no if thats different after redundancy though. Are you likely to find a job within 6 months?

catgirl1976 · 26/03/2023 19:19

Take it and run. The labour market is crazy at the moment so you should be able to walk into a new job and you might not need to take the pay cut your are envisaging. Check what the jobs are like in your field or if you can afford to retrain go for it

Truestorypeeps · 26/03/2023 19:21

I was earning a similar amount. I didn't even hate my job but it was beginning to pi#£ me off for various reasons. I took the 6 months VR too, never regretted it and took a job paying the same pretty much straight away.

Imagine staying for the next six months just to earn what they are prepared to give you if you leave? I couldn't do that personally unless you either love your job or it's okay but you can see a career path there in front of you. If you hate it, take the money for sure.

JudgeRudy · 26/03/2023 19:22

needoptions · 26/03/2023 19:12

Voluntary redundancy has been advertised in my workplace. Not for the the first time. I currently earn £36k and would leave with half that amount.

I like my workplace, for the colleagues, the benefits, the T&C's. But I hate the actual job, and everyone is pretty miserable and feeling very unsettled at the moment.

I live with my 18yo DC who is working, and my current total outgoings are £1200pm.

If I leave my job, I will need to take a pay cut as I won't be going into a similar role. But there is absolutely not way I can do this job for the rest of my life, so I'm thinking it's best to walk away with some money if I'm going to leave at some point anyway?

I have been looking into refreshing my admin qualifications, and that's likely the role I would do back to.

Would I be crazy to take the VR with no job lined up?

Also, would I be able to claim any benefits while I was looking for a new job?

Thanks.

You would not be able to claim benefits for so many weeks if you left voluntarily. When that 'sanction' perid is over, you would but only if you had less ghan £16k in the bank. That's not separate savings, that's any money in any account. Anything between £8k and 16k could 'taper' your benefits. If you own your home you'd get less than £80/week and be required to follow jobseeker rules. On the plus side they my e able to offer you retraining oarticularly in tech if that's something that might interest you.
Personally I'd take it. I'd bank on getting a job within months. Who knows, bizarre as it sounds I've known people get made redundant and go back casual on a zero hrs contract.
I think this could be the opportunity that you make it. How exciting

Ohmy88 · 26/03/2023 19:29

Ohmy88 · 26/03/2023 19:16

This feels like too big a decision to advise on without knowing more about your situation & prospects! But for info I’m pretty sure if you take VR you’re not eligible for any type of benefits for 12 months…

Quick look on CAB suggests this may be nonsense apologies!

Harriyet · 26/03/2023 19:37

Outgoings of £1200....is that food shopping/petrol/mortgage/all bills/etc etc? Seems incredibly low. So on your current salary you're saving around £1200 per month if your outgoings are £1200 a month?

£18k redundancy after tax is probably 5.5 months of your current take home money. But if you don't need your current salary to get by, then that's something for you to weigh up.

WimpoleHat · 26/03/2023 19:39

£18k redundancy after tax is probably 5.5 months of your current take home money.

The first £30k of redundancy money is tax free, I think? So it’s the other way round - it’s much more than 6 months of take home.

Frances24 · 26/03/2023 19:40

Redundancy pay is tax free up to £30K.

I’m in a similar situation to OP currently and trying to decide if I should apply or not.

Original poster
needoptions · 26/03/2023 19:52

Current take home is around £2150. Or it will be as of next week. I'm not quite at £36k, but my annual increase takes effect as of 1st April.

I have a student loan and workplace pension (which is an excellent pension scheme, and one I would be hard pushed to get elsewhere) so there's a chunk I don't see.

To be honest, my savings are not currently a thing! I have about £1.5k saved, having only bought this property 14 months ago and having some big expenses for holidays and DC last year.

Have miscalculated the outgoings as council tax has now gone up, so outgoings more around £1250 including food, petrol, etc.

Mortgage is £460 and I have no car finance, although I do desperately need a new car.

I could always be rejected for VR, but once I apply, if I get it, that's it. Not going back.

OP posts:
Twinedpeaks · 26/03/2023 19:53

What are you currently doing with all that spare money every month if not saving it? I ask as it suggests you wouldn't actually be able to live off 1250

Original poster
needoptions · 26/03/2023 20:00

As I said, I bought my property last year, so I was redecorating, buying furniture. I also had two holidays, and had a number of significant birthday celebrations including my own and my DCs. All things that won't be happening again for the foreseeable.

OP posts:
Greenfairydust · 26/03/2023 20:06

I would take it because the people commenting seem to forget that even if you were to stay your job might not be secure in the long term.

The fact is the company is having voluntary redundancies and there is a general sense of the workforce being unhappy.

That's a sign of a company that is not doing well and there is no guarantee that compulsory redundancies might not be next.

You might therefore end up losing your job anyway and getting a much less generous package at that stage.

I would preempt that, get the redundancy offer and start job hunting.

You can sign up to temp agencies and/or find a part-time job to bring some income in while you look for your next career step. Your son can also contribute to bills and so on if he has a job if needed.

I would definitely take the money before the company gets in worse shape.

Startuplife · 26/03/2023 20:07

I would take that in a heartbeat. But I’m confident I could walk into another role in a matter of weeks. So I’d maybe give myself a month off and then use the money for something useful rather than to live off.
It depends how confident you are of finding another job. I’d not take it if it meant you’d have to eventually claim benefits.

Starseeking · 26/03/2023 20:10

I love my job, and I would take voluntary redundancy of 50% of my annual salary if it was offered.

The employment market is so buoyant at the moment, that unless you live in the middle of nowhere, you should be able to get something comparable within a month or so. With so many jobs now WfH, living remotely isn't such an issue anymore.

I'm currently trying to recruit a junior and mid level accountant for £35k and £50k respectively, and having to offer sign-on bonuses at that level just to get people interested; I've never known anything like it.

Take the money and use this as an opportunity to do something different OP, with a nice cushion to springboard you, good luck!

Starseeking · 26/03/2023 20:13

Greenfairydust · 26/03/2023 20:06

I would take it because the people commenting seem to forget that even if you were to stay your job might not be secure in the long term.

The fact is the company is having voluntary redundancies and there is a general sense of the workforce being unhappy.

That's a sign of a company that is not doing well and there is no guarantee that compulsory redundancies might not be next.

You might therefore end up losing your job anyway and getting a much less generous package at that stage.

I would preempt that, get the redundancy offer and start job hunting.

You can sign up to temp agencies and/or find a part-time job to bring some income in while you look for your next career step. Your son can also contribute to bills and so on if he has a job if needed.

I would definitely take the money before the company gets in worse shape.

Also this.

Compulsory redundancy payments are usually much much less than any voluntary redundancy offers. And compulsory redundancy usually follows if not enough voluntary redundancy offers have been taken up...

CosieRotton · 26/03/2023 20:21

I’d probably take it if I felt reasonably confident I could find another role fairly quickly. Only you know what your employability is. I’m quite risk averse though.

Blablablanamechangagain · 26/03/2023 20:26

I'd take it and skip merrily out the door. I left my last place of work as I was just burnt out and had no love for it.

My new job is ace, and I'm happy. After 10 years within one company, I was pleasantly surprised at how easy it was to find a much better job (hours and location wise) for not too big of a salary dent!

I'd be even happier if someone had paid me to leave my old place 🤣🤣

Original poster
needoptions · 26/03/2023 20:32

Blablablanamechangagain · 26/03/2023 20:26

I'd take it and skip merrily out the door. I left my last place of work as I was just burnt out and had no love for it.

My new job is ace, and I'm happy. After 10 years within one company, I was pleasantly surprised at how easy it was to find a much better job (hours and location wise) for not too big of a salary dent!

I'd be even happier if someone had paid me to leave my old place 🤣🤣

See, my current job is 7 mins drive away, and the hours are great. I'm left to my own devices for much of the time and I like everything about the workplace, apart from the actual job and the current feelings of uncertainty overall.

Everyone is feeling totally overstretched and taken advantage of because of previous redundancies and people leaving and not being replaced. But if I had a different role in the company, I'd definitely stay put until they booted me out!

OP posts:
Harriyet · 26/03/2023 20:34

Didn't know about the tax free part of redundancy. So that gives another safety net then. I think even in my position with a job I like that pays well I'd prob take it and get another job. But I know there's plenty of jobs out there in my line of work and I could get this salary again.

fizzandchips · 26/03/2023 20:35

Take it.
My friend kept thinking she was doing the right thing as all her colleagues were made redundant around her. Eventually the office closed and she too was made redundant, but by then all of her ex colleagues had had their pick of local vacancies and she was left with very little to chose from.

JackiePlace · 26/03/2023 20:37

Bite their hand off!
Good luck OP.

JackiePlace · 26/03/2023 20:38

… (p.s.) if they are making redundancies on a large scale the environment, people and probably your role and responsibilities are about to change big time!

butterfliedtwo · 26/03/2023 20:40

Greenfairydust · 26/03/2023 20:06

I would take it because the people commenting seem to forget that even if you were to stay your job might not be secure in the long term.

The fact is the company is having voluntary redundancies and there is a general sense of the workforce being unhappy.

That's a sign of a company that is not doing well and there is no guarantee that compulsory redundancies might not be next.

You might therefore end up losing your job anyway and getting a much less generous package at that stage.

I would preempt that, get the redundancy offer and start job hunting.

You can sign up to temp agencies and/or find a part-time job to bring some income in while you look for your next career step. Your son can also contribute to bills and so on if he has a job if needed.

I would definitely take the money before the company gets in worse shape.

Agree with this. I'd apply for VR.