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Original poster

Would you take voluntary redundancy

32 replies

Gellhell · 13/09/2023 14:57

My place of work is offering voluntary redundancy with a 45 grand pay off.
I'm 46. I've been grinding away since I had my 2 DC's without any break and full time. I am tempted by it as I could pay off a loan I have, move house and be debt and mortgage free. But if I had to move for work it would recall disrupt my kids education.

Any thoughts much appreciated.

OP posts:
Notamum12345577 · 14/09/2023 10:06

Personally in my job I wouldn’t, as in my industry it’s mainly the same company, so to get a job paying the same in a different company I would end up having to commute a couple of hours, done that for years and no thanks!

MsFrost · 14/09/2023 10:14

If I was in a position where I was fairly confident about getting another job that I would enjoy as much and would pay as well, then yes I would definitely take it.

With £45k you could also probably take some time off, so would have time to find another job.

I think it's a very good deal.

Southeastdweller · 14/09/2023 10:22

Significant lump sums like this don’t come most people’s way often, so yes I would take it and invest wisely - I would put half in easy access savings and lock the rest of it in a fixed ISA before making any decisions about relocating etc.

Cottagecheeseisnotcheese · 14/09/2023 10:23

kid in year 7 but only a couple of weeks in I think if you are going to do this you need to chat a bit with them and do it asap as I think by Y8 and definitely by y9 when doing options it is too late and by the time eldest is in Y13 youngest is in y9 so still can't move so it now or waiting 10 years probably

ChessieFL · 14/09/2023 10:38

You need to know what might happen if you don’t take it. Is your job safe? Or would you just end up being made compulsorily redundant anyway but with a lower payoff? If there’s a risk of the latter then I would definitely take the £45k (although note that some of that will be taxable so you won’t actually get £45k).

KeepTheTempo · 14/09/2023 10:50

ChessieFL · 14/09/2023 10:38

You need to know what might happen if you don’t take it. Is your job safe? Or would you just end up being made compulsorily redundant anyway but with a lower payoff? If there’s a risk of the latter then I would definitely take the £45k (although note that some of that will be taxable so you won’t actually get £45k).

Agree with this. Taking redundancy isn't always the best option if you're likely to struggle to find another job due to industry / ageism/ area, but if things are looking risky then better to take enhanced pay now.

The first £30k of the redundancy will be tax free, so at least that's a good amount. You could also contribute some of the £15k above this to your pension, it would reduce tax and also make up for some of the pension contribution reduction you'll likely have if taking time out or job seeking.

Twiglets1 · 14/09/2023 13:48

KievLoverTwo · 14/09/2023 10:05

I am at peace with it. She came from an era where everyone in the family put themselves first. Her and her seven siblings all did the same, because it's what they saw their parents do. Kids were seen as a minor inconvenience who needed to put up and shut up. Only one of those siblings had ever really broke the mould, and that's because she was the youngest.

So, I understand - it's wrong, but I understand. And we had a fantastic relationship for her last ten years of life.

Thanks for the kind words though.

Show quote history

You're welcome and I can relate! But pleased to hear that you are at peace with it anyway and have found a way to understand it.

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