[Closed] Redundancy payments

First £30,000 is tax exempt

blimey that's poor, barely above statutory minimum

Tax free except any element of that that is made up of Pay In Lieu Of Notice will be subject to tax at your normal rate

worth checking that they are offering enhanced terms if you take voluntary otherwise not worth taking, just hang on and see if you keep your job

It is the statutory minimum apparently, maximum of £470 for each year worked, and no enhancement for taking voluntary, although apparently my employer is going to approach the government to see if a bit more cash can be freed up to enhance it, but to be fair even if they tripled it (which ain't gonna happen) i'd still be better hanging on and hoping.

After many years of hard work, JJB staff where told to go home this week with no notice,with just statutory redundancy paid for by the state, as JJB has no money it appears,its a tough old world out there even tougher for some than others sadly.

Also expect your workmates to suddenly be gathering info on each and every one of just incase theyre shown the door and want to take a few more down with them as a bonus.

Implied redundancy affects the whole work dynamic and turns workers agianst each other, just beware.

I'm being made redundant after 23 years at the same company and I'm due around £8k. That sounds even worse than your £5k for 12 years. Thank god it's tax free.

http://www.direct.gov.uk/redundancy.dsb you can work out what the government will pay if the company go's into liquidation if they are offering less voluntary redundancy I would suggest you stay put.

two things, age matters, the cap does relate to your age, i think it is years above 40 at 1.5x statuary. But the whole thing is capped at 20years anyway. I think the days of enhanced redundancy are for most long gone. And obviously if your only earning £20pw your not going to get £470, but if you earn £1000pw your only going to get £470.

Only suggestion i can make, stop spending money now, and it can't hurt to start job hunting. Yes redundancy money is nice but it is easily spent looking for a new job. I burnt through £8k before i got a new job. rent bills etc.

On the other hand if you are confident you can get another job the gamble may well pay off.

£5100 😯 went through the same. 15 years service and was offered £23500. VERY tempted to take it but looked at what jobs were out there in what i do and there was naff all. Decided better the devil you know and stopped. As said above redundancy is all well and good IF you've got a job to go to.

Thanks for all the replies, i'm definitely not going to take it, for starters i like my job, not keen on my employer but i very rarely have to see the upper echelons of management so that barely matters. And having spent the last 12 years in the fire service and 6 years previous to that in the army as an infantry soldier i don't have a trade that i can take else where, at least not in this country at the moment.

So the plan is to keep my head down, pay off as many outstanding debts as possible and maybe try to save up a little as well, although that won't be easy. Fortunately me and the missus have never really lived beyond our means and the only debt we have is the mortgage and 2 grand on an interest free credit card from our wedding earlier this year.

Bazz you in LFB?

Been in your situation twice now. Make sure you take every training opportunity offered, CV writing, interview skills, job searching etc. and if offered some new skills that might help you get a new job.

My colleagues did courses for HGV licence, photography, counselling, all paid by the employer and taken in the 6-months notice period for before they were laid off.

I did Prince 2 and MSP project management courses but ended up being rehired into another job.

bruneep - Yes mate, not happy times.