Redundancy

[CSA]

After 31 years with the same company my job has been made redundant, been offered a job in another part of the business on a much lower rate of pay...WTF should i do ??? take the job on offer or accept the payoff and take a chance on finding a job elsewhere ???

[LUFCRACE]

What do you do? What are the chances of you picking something else up reasonably quickly?
Think that's what you need to consider.

[Twiggster]

Oh FFS! So sorry to hear that mate.
31 years should give you a massive pay out tho?
I'd take the money. Should be more than enough to tide you over, without having to frantically stress searching for a job?

Good luck pal.

P.S. take the pay out and use some of it for semtex to destroy their premises! 31 years? B@STARDS!

[CSA]

Oh FFS! So sorry to hear that mate.
31 years should give you a massive pay out tho?
I'd take the money. Should be more than enough to tide you over, without having to frantically stress searching for a job?

Good luck pal.

P.S. take the pay out and use some of it for semtex to destroy their premises! 31 years? B@STARDS!

Unfortunately only the basic package (week for every year plus 12 weeks in lieu of notice ) Don't get me wrong it's not bad but it isn't a fortune, F*ck me 'stick or twist'

[Gino 1959]

Bad news, pal, and sorry to hear it. You obviously know what the chances are of getting another job should you take the money. If you could use it to settle any big debt like a mortgage so that you are secure in that respect, then, possibly worth considering. Personally, I think that if you "roll over" - as it were - is there anything to stop the company pulling the same stunt again?

Fingers crossed that the decision you make works for you.

[CSA]

Bad news, pal, and sorry to hear it. You obviously know what the chances are of getting another job should you take the money. If you could use it to settle any big debt like a mortgage so that you are secure in that respect, then, possibly worth considering. Personally, I think that if you "roll over" - as it were - is there anything to stop the company pulling the same stunt again?

Fingers crossed that the decision you make works for you.

Dammed if I do Dammed if i don't, got the feeling that whatever choice I make it will be the wrong one, maybe it would have been better just to have been told to go,

[hector]

Is there anything that you would like to do as self employed??

For instance you could buy into a window cleaning franchise for about £5000 and that would be with a full customer list.

Don't start a carpet cleaning business though.... It is getting harder and harder to make a living at that at the moment.

Good luck with whatever you decide, but it may be good luck in disguise...

[Kyle_5351]

I had the same situation only 7 months ago, however only been with the company for 6 years.

I took the payout and the position on a lower pay rate until I found something more up my alley. Decent pay out and a job placing was good enough for me at the time. Took me only 6 weeks to find something better than what I was on previously.

[becchio bear]

I had the same situation only 7 months ago, however only been with the company for 6 years.

I took the payout and the position on a lower pay rate until I found something more up my alley. Decent pay out and a job placing was good enough for me at the time. Took me only 6 weeks to find something better than what I was on previously.

Looks like CSA's is a one or the other offer though Kyle. Take redundancy or take a lower paid position not both.

[1964white]

Feel for you mate....a difficult decision for you !

I reckon you are looking at say 40k redundancy payment & you probably have 12 to 14 years before retirement age

Have you got a decent pension when you retire or is this wavered if you accept the redundancy payment, don't know ??

Is the company you are employed with suffering financial problems ?

Could you manage on a reduced salary

I persume if you remained in employ with this company & accepted the lower salary, any future redundancy say in five years time would be at a much reduced rate ??

Tbh if it was me being a bit of a risk-taker i'd accept the redundancy payment & run. In the past i've given up two very good managerial jobs without any financial inducement in my search for a happier way of lifestyle

It may be worth speaking to a financial advisor mate

[Martyn]

That's a real bummer mate.

64 is right, you should definitely consult an IFA.

What's your line of business / trade?

[gessa]

Crap news mate, been made redundant twice and its an awful feeling,especially the one where they told us on Boxing day

Tbh to give a considered opinion would depend on knowing personal things,things you wouldn't want to share.
What is your salary now
What would it fall to
What is the likelyhood of the company folding completely
What is the likelyhood of you getting anotber job with the same wage or on or with a better wage than they've offered you.

If you think that you could get another job without too much difficulty, take the money but if its unlikely that you,ll get any work in the foreseeable future stay put, I was out of work 8weeks once and it drove me mad a year or longer i dont know what i'd have done
Very difficult but whatever you decide ,the best of luck with it.

[CSA]

Was on a decent wage (quite good compared to some) but got nowhere near the 40k 64 talked about, I am not a risk taker by nature, and not over endowed in the self confidence stakes, feel quite institutionalised after all these years at the same firm doing basically the same job, getting help putting a CV together, although I am reasonably qualified I have major fears about my chances of securing comparable employment pretty quickly.
Real world leave this week get a job next week and live happily ever after, not gonna happen I fear.

[white.riot]

Too much unknown information to add anything constructive so a simple good luck whatever you decide. I remember how much redundancy hurt my owd fella back in the day, not the money but the mates etc, so I feel for you and trust it all works out well in the end.

Ps: my owd fella found a new job quickly but still went back to his old firm in the end on less money because of the comfort factor you mention. That stuff counts.

[CSA]

That's a real bummer mate.

64 is right, you should definitely consult an IFA.

What's your line of business / trade?

Printing,some of our work is being shipped to Eastern Europe.

[Crude]

Printing? I'm in the same line of work also. Industry is dreadful here in the states. Hope you figure something positive out and get back to the presses! Good luck!

[CSA]

Too much unknown information to add anything constructive so a simple good luck whatever you decide. I remember how much redundancy hurt my owd fella back in the day, not the money but the mates etc, so I feel for you and trust it all works out well in the end.

Ps: my owd fella found a new job quickly but still went back to his old firm in the end on less money because of the comfort factor you mention. That stuff counts.

Posted as much as I dare TBH, Not fair to name the actual company, and don't really want to go into what I earn on a public messageboard, just wanted to share my experience and highlight my dilemma.While I'm at it Thank you all for the supportive comments so far very much appreciated.

[white.riot]

Posted as much as I dare TBH, Not fair to name the actual company, and don't really want to go into what I earn on a public messageboard, just wanted to share my experience and highlight my dilemma.While I'm at it Thank you all for the supportive comments so far very much appreciated.

Not fishing for detail CSA. Best wishes as I said.

[CSA]

Not fishing for detail CSA. Best wishes as I said.

I could have worded it better. but thanks mate, todays events really put my issues into context..

[HarryofOz]

Bad news CSA, as others have said - best talk to a financial adviser who can fully examine the circumstances.