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Redundancy - help me word this

5 replies

Toodarktofindthedoor · 11/03/2023 21:35

Hi all, some help with this would be appreciated. I’m 50, work in financial services for 30 years and am absolutely spent. I was recently diagnosed with chronic kidney disease and am physically and mentally exhausted. My life expectancy will probably be into my 60s at least and I want to get out and enjoy what I have left. It’s a big company and there are always redundancy programmes, or at individual level where it suits. Problem is they will not want to let me go easily - I run a small specialised team which is very busy (80 hour weeks at times during the year, but minimum 50 even at quiet times) and frankly no one else would want my job. I was thinking of disclosing my diagnosis to my boss and starting a discussion about how my ability to carry out my job will decrease as time goes on, and looking 5 years into the future I just see illness, time off sick and exhaustion and underperformance and it stresses me out to think I mightn’t be able to continue to do my job well. And in that context is there a possibility of getting out now (ie redundancy) so they can make succession plans. I’m worried that exposing my hand may weaken my position and they will know I’m on the ropes and wait for me to resign. For reference I would expect redundancy to be in the region of £250k between cash and pension top-up. I need this to be able to go. I don’t have enough money to not work again otherwise. Any thoughts on a strategy on how to play this? If anyone has been in this position, how did you make it happen? Thanks a lot.

OP posts:
eurochick · 11/03/2023 21:45

If there would need to be succession plans I don't see how your role is redundant. I'm sorry about your diagnosis and can absolutely see why you want out. I just don't understand why your employer would pay you 250k to go?

Dragonsandcats · 11/03/2023 21:48

I’m sorry that sounds really difficult and I’m sorry for your diagnosis. I don’t understand why they would make your role redundant as it sounds like it’s important and very busy.

Toodarktofindthedoor · 11/03/2023 21:54

It would be a voluntary redundancy/early retirement situation. And they would pay me to go for 2 reasons; 1. My salary costs between now and retirement would be approx. £1.5m, which would be significantly reduced by replacing me with a younger cheaper model, 2. I’m a member of a DB pension which they are trying to get rid of, if I leave they can offer me an enhancement to transfer and get the liability off their balance sheet (they are actively doing this so it’s a certainly)

OP posts:
Rollercoaster1920 · 11/03/2023 22:15

Train up your team to do your job. Then next time voluntary redundancy comes around you volunteer.
Or cut the scope of your team until it isn't justifiable. But that might shaft your team.

MissAmbrosia · 11/03/2023 22:22

It's roles that are made redundant, not people. So whilst I feel for you, I don't see redundancy as an option here. Maybe you can have a discussion about an early retirement package. My last (large) employer periodically made good offers to the over 55s. I was made redundant at 52 after 14 years and certainly didn't get 250k!

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