Possibly big decisions to make - what would you do?

[employmentissue]

I'm about six months in to a secondment in another department in a company which is cutting back on spending (like most).

As I feared, it looks like my substantive post may be closed - although I haven't been told that officially.

If I was made redundant, I'd be in line for about £70k redundancy pay after tax - I've been there a long time.

But there's a likelihood I could stay in the new department, although the job I'm doing there is at a lower grade and if it became permanent, in the present climate, I think I would be told I'd have to take a pay cut.

So, I'd be losing the chance of a redundancy payment; it would affect my final salary pension and there's still no guarantee of work beyond another 2-3 years - so if I was made redundant in 2-3 years it would be a lower redundancy payout.

Also, dh's job isn't at all secure.
Like lots of people we have a biggish mortgage, our 2 children are teenagers and more expensive than ever.

I'm in my late 40s and don;t know what my chances of alternative employment would be- I'm conscious of the general economic climate of course and the rising unemployment figures.

Thanks for reading this far - any thoughts/advice welcome.

How many months payment is the payout?

How likely are you to get another job & how long might it take?

It would be about 20 months pay.

I have no idea how likely I would be to get another job - I've been with this company for over 20 years (in different jobs, it's a big company) so out of the recruitment market.

I'm very aware of the general economic climate though, and lots of people in my line of work are going to be out of jobs...so I worry my age would count against me.

So if you economised would it last longer?

You need to weigh up the time it takes to get a new job?

Could you take the redundancy and use the money to re-train or start your own business? Although thats risky too.

Yes, if we economised it would last longer - the lump sum is very tempting, but scary, especially as I'm getting scarily close to 50.

I do have good transferable skills but haven't tested the water.

I think maybe I should polish up my CV and start testing the job market.

Retrain. At least look seriously at it.
Listened to some expert on employment the other day and that was the clear message.

Retrain in what though a lot of jobs are risky surely?

Yes, retraining could be a good thing...but at what?

My job is quite technical so I thought about something to do with computers...but depending on the length of training, would someone employ someone of my age in their first job?

Are you sure you would get 20 mths pay? When dh was made redundant it was 1 week per year + hol pay etc. I think the law is 1.5 weeks for over 40s. If you get a month/year you are doing well

Well, the current agreement is 1 month/year up to 20 years...that's not to say it'll stay the same...I had HR work it out for me, and it is generous and more than the statutory minimum.

I know that puts me in a much better position than many people facing the same, but I am the main breadwinner and it's still a scary thought.

Good luck with whatever you decide/happens.

dh being made redundant was one of the worst things that ever happened to us. I don't think I have gotten over it yet and it was 6 years ago. ds2 was 3 mths old and we had a large mortgage. It took him a year to get a permanent job and it worries me still that the same thing could happen again.

Think a lot about your decision.

Thanks balloons. I hope things are more settled with you now.

I've worked hard but have also had a lot of luck. If that's about to change, then so be it, but I want to feel in control of whatever happens and make it turn out the best for me and the family.