Has anyone received a buyout package?

[lizzy0912]

Everyone at my company just received a buyout package I work for the automotive industry Ford/Volvo. It looks like only 3 employees will be taking the package out of 45. I am undecided if I should take the money and run or should I stay and possible be layed-off. Any opinions?

 

[luvmarypoppins]

They routinely offer them at my dh work when they are having budget problems. Once I couldnt even believe tghey asked my dh since he was more a jr. employee compared to the senior ones who make more money etc.

Is your package the same standard thing for each employee? The biggest things to consider are
1. Health Insurance #1 for us, can you do cobra, will they offer to let you buy into the company plan etc.
2. What is the financial incentive - give? X amount of pay, will they buy back your used vacation time, sick time etc?
3. Do you have any marketable skills that can be immediately turned into another job in your area or do you need job retraining or relocation assistance etc.
4, Also consider your own financial situation at present, do you have enough saved in your emergency fund?, if you have 2 incomes in your household can you live on 1 etc.

Lots to think about and best of luck.