To take Voluntary Redundancy

[ElevenBells]

After 10 years of being in the same job I have been offered voluntary redundancy at £20k (salary is 40k pro rata). Don’t particularly like my job, it’s dull and the office environment is toxic but the hours fit in with kids.
AIBU to take the money even though the job market is struggling and there’s few opportunities out there, especially part time which is what I would need. Realistically, I’d be applying for low level/minim wage jobs.
Background is that DH earns well but we have no savings as we weren’t able to get onto housing ladder until well into 30s so all savings have gone on deposit/jobs around the house.
I’m hoping to find a job, no matter how low the pay fairly quickly so I don’t have to dip into the redundancy payout and we can stick it in an ISA.
Is this madness? Senior management have assured staff that there are no plans for compulsory redundancies but they don’t have the best track record of keeping their word….

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?

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 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.

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.

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.

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?

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)

This

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.

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.

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 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!

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.