Redundancy looms.....

[Tron[ADS]]

We had a top level manager come see us last week....aparantly there has been 10 million set aside for the next quarter for redunancies. The company wants to loose between 600-700 out of 2500 staff.

So with a bit of luck, it could be me !
Ive got the redundo calculator out, and what i'm entitled to will just about pay off the mortgage, or if I were to take an amount out of the lump sum each month similar to my current wage, I could last 3 years before its all gone.

So, I have to decide whether to just pay off the house and look for another job, managing on worr lasses wage for a while, or pay the normal mortgage amount while I look for another job, which would leave me with a nice amount in the bank, but a house I'm still paying for.

Some thought needs to go into this I think.

 

[pokemon_master]

I was wondering how it could be good for you to get redundant..

Had I thought about the benefits of this, I'd go with the whole pay off the mortage treatment. It means that when you do get another job, it's one less payment you have to make in the future. Which means...... MORE WDW TRIPS!!!

 

[natalielongstaff]

i would pay off the mortgage too ..... what a great feeling that would be

hopefully you should soon find another job

 

[Tron[ADS]]

Although redundancy seems like a bad thing, and it usualy is...its not so bad for me for several reasons.
1. I have never worked for a company who has so much contempt for its staff.
2. I never wanted to work for the company in the first place (we got outsourced)
3. The wages arent brilliant.
4. There is so much corporate red tape and over the top doccumentation to be done, things take twice as long to do these days.
5. We are to be moved to somewhere miles away this year with no parking provisions.
6. I have 15 years service which makes for a decent (compared to my salary) lump sum, of which £30k is tax free.
7. I have zero promotion prospects.
8. I can pay off my mortgage, and not have to worry too much about the salary of the job I get next (as I wont have £500pm mortgage to pay)
9. Ive already been rejected for voluntary redundancy twice, now it seems that anyone who applies will be accepted.


On the down side, I actualy do like the job I have, and I work with some great people. Im not really under any stress in work, they are quite family friendly in flexible working patterns, and the holidays are good.

I shall be putting in for it next quarter, so we shall see what happens.

 

[KayleeUK]

I wish you luck with whatever you decide.

 

[Richard Bruvofetc]

Although redundancy seems like a bad thing, and it usualy is...its not so bad for me for several reasons.
1. I have never worked for a company who has so much contempt for its staff.So true...Action, Urgency, Excellence
2. I never wanted to work for the company in the first place (we got outsourced)
3. The wages arent brilliant.
4. There is so much corporate red tape and over the top doccumentation to be done, things take twice as long to do these days.3 months to get a Critical Hire authorised from head office
5. We are to be moved to somewhere miles away this year with no parking provisions. I had a big argument with my ADU manager when I supported my staff at MK on this one. The result; a comment on my annual appraisal "Seems to care more about his staff thansupporting his manager" - See "1" above
6. I have 15 years service which makes for a decent (compared to my salary) lump sum, of which £30k is tax free.
7. I have zero promotion prospects.
8. I can pay off my mortgage, and not have to worry too much about the salary of the job I get next (as I wont have £500pm mortgage to pay)
9. Ive already been rejected for voluntary redundancy twice, now it seems that anyone who applies will be accepted.


On the down side, I actualy do like the job I have, and I work with some great people. Im not really under any stress in work, they are quite family friendly in flexible working patterns, and the holidays are good.

I shall be putting in for it next quarter, so we shall see what happens.

Hopefully everything goes well for you. There is plenty of work out there. I also wondered about paying off the mortgage, but DW won't go out to work so I decided to have double glazing installed instead (and a holiday to WDW ). Also, I only have 3 years left on the mortgage, however its an endowment and as its going to make the amount (lucky me!) I decided to keep it on.

 

[higgy66]

I'd definitely pay the mortage off. The you can actually take time and choose a job you really like as the money won't be the most inportant issue.

Good luck - hope everything works out OK

Janet

 

[wils]

Sounds like you'll be better off out of there!

Hope you get accepted for redundancy

 

[KittyKitty]

If you paid off your mortgage, how long would it be before you would need to get a job in your field?

Or would a minimum wage job be ok?

Sorry if these are silly questions. I am a yank.

 

[mandymouse]

At first I was concerned when I saw the name of your thread, but thank goodness it is something that can work in your favour. Good luck with whatever you decide

 

[Lisash]

Hope it works out for you either way

 

[carolfoy]

there does seem to be a real spate of redundancies on the DIS these days, I'm pleased for you that its not a really devastating thing, as it is for a lot of people I'm pretty certain that I'd go for the mortgage pay off too, just because its a real acheivement to be able to do it, and as Matt mentioned, gives you one less bill when you find other work. (sensible thinking son! I taught you well)

 

[Cochise]

Good to see that you will get your wish fella and with your ability on the electronics front i would think that twisting that into sparky work wouldnt be too much effort for you. You would earn more and be your own boss. We could give each other work when i get going with the plumbing!!!

Will miss NM though.

 

[Obi Wan Kenobi]

Tron,

have you got Mortgage Protection Insurance?
this would give you up to 12 months cover of the mortgage payments

 

[Minniespal]

Looks as though it will be a blessing in disguise

Hope you get a great new job quickly

 

[Tron[ADS]]

Tron,

have you got Mortgage Protection Insurance?
this would give you up to 12 months cover of the mortgage payments

I have'nt, and I did look into it, but basicaly this is not something that the insurance will just pay for 12 months willy nilly...aparantly they are worse than "the dole" (can you tell I recently rewatched Boys from the Blackstuff)...they want proof you are applying for jobs, they write to the companies you apply to to check you really did, and they search for jobs they want you to apply for. Basicaly they become a nightmare after a month or so.
Someone I know enquired about it, with the idea that he would do 12 months in education should he be made redundo.....absolute no-no he was told.

Plus, I will be taking Voluntary Redundancy, which again they wont like.

 

[Boss Hogg]

It is a difficult situation without doubt. Having had a change of career direction last year I can vouch for it being a very complex issue.

I am sure all will work out for the best in the end.

 

[Obi Wan Kenobi]

Its getting worse out there. Another one of my major customers Trelleborg (was stanton rubber & Plastics) are closing their UK plant with the loss of 150 jobs. Thats another one gone to Eastern Europe.
Its getting more and more difficult to do buisness against them.

 

[Tron[ADS]]

Thats another one gone to Eastern Europe.
Its getting more and more difficult to do buisness against them.

Personaly, I try my best to avoid doing business with any company that takes its work overseas. I wont take out any insurance or the like if its an overseas call centre.

 

[higgy66]

My DH is a health & Saftey Manager and every company he has worked for has ended up sending it's workload overseas

Now he's moved into the food industry as it's a safer bet. The food may come from abroad but the production is here and as it's salads the "sell by" date would be too short if package abroad.

Good luck