Redundancy

S

si-forks

Veteran
I'm 50 in March and I've been in a fortunate position that I've never been unemployed since I left school when I was 16.
I've worked in the printing trade all my life , currently I've worked for my employer for 27 years but it seems likely now that I could be made redundant as a business is struggling!!!
I've been put on short time a couple of times in the last few months.
To be honest with you being unemployed at 50 scared the s*** out of me and I really don't know what to expect or even if I would get any redundancy payout or help
I would be very grateful if anybody can offer any advice or help I still have a mortgage to pay for kids to look after cars to pay for :(
 
Try this Si....

https://www.gov.uk/calculate-your-redundancy-pay

You will get a sizeable payout for that length of service.

I wouldn't let your age make you think that you won't find another job, you're a nice bloke and that means a lot to employers.

Good luck mate :thumbsup:
 
Been through it twice, should get paid out a weeks wages for every year worked there, not including apprenticeship, hope it all goes OK for you,
 
Like yourself I have been fortunate to have never been unemployed and was also in the printing trade for 17 years.
I saw a dramatic change in the business as technology advanced and saw our company get smaller and smaller.
I couldnt take it anymore and started looking for another line of work before I was forced.
Luckily I got something, not the best job in the world but it keeps me earning and should be a job that will last me to retirement even though its not going to make me a millionaire.
While you are still working look for something else. Do not wait until you are forced.
 
It could be a maximum of 20 years but depends if your company has a redundancy policy (worth checking) as the amount you get per year of service may be more an it may not be capped.

I've only been officially made redundant once and was 25 - it was great - got 3 months off and found a (much better) job and got a 73% pay rise to go with tit - was the best thing that happened to me career wise.

Focus on the positives and don't panic until it actually happens, but it is goof to be prepared.

If you haven't start getting together an up to date CV, just in case!
 
Thanks guys haven't been enjoying my job for a few years now , so could be time to move on but I'm stuck between a rock and a hard place I can't afford to lose any redundancy pay
 
i've been made redundant several times. life continues and you'll soon be happy in another role
 
A couple of years before I left my company I thought about VR.
I was under 40 at the time and when I got a figure for taking VR it was basically only about 8 months wages.
If I thought I could have gotten another job inside that time I would have taken it but it would have been a huge gamble.
What I decided was it would be better off not out of work than possibly having a bit of extra cash.
 
Hi si I was in same position in May I'm 50 too and worried that I wouldn't get another job. I temped for a few months and really enjoyed it. It also allowed me to look for a job I wanted that suited my home life. I'm happy to say it was the best decision to go as the job I had I was starting to hate. Fear of the unknown is the biggest thing, but from my experience it pushes you to find better and employers are looking for experienced, loyal employees which you can show them with your experience.
Good luck with it all
Ray
 
Hello Si
I was in a similar position seven years ago now and whilst it is a worrying time, it is also an opportunity to either move on to another profession, possibly go down the route of setting up your own business or move onto a competitor. Having had the pleasure of meeting you on a few occasions now at the Knowle breakfast meet etc I don't think that you will struggle to find new employment. Good luck and all the best. Tim.
 
Hi Si, I have been made redundant 3 times, last time when I was 49. You need to stay positive and should the worse happen then think of redundancy as a great opportunity to re-evaluate your life. Many people use it as a springboard to possibly retrain, start a new business or follow a passion. redundancy can turn out to be a gateway to a life you really love. Age shouldn't be a barrier and there are plenty of employers out there looking for experienced people with a good work ethos. Remember that networking is also your friend and a means to getting in touch with the “hidden job market”.
Good luck and hope everything goes well. Nick
 
Thanks for all your support and sharing your experiences it's not like me to look on the dark side ive always been a very positive person glass half full, I'm sure things will work out like people said it's a fear of the Unknown
 
I saw it as an opportunity to be rid of the same old same old and went self employed, it's scary and you always wonder if enough work will come your way but 11yrs down the line it's the best thing I ever did. The one thing that really opened my eyes was I discovered that there are many opportunities that you wouldn't normally think of when you're in a steady job, it's not always a disaster losing your job so best of luck if it does happen.
 
As mentioned Si stay positive and think of it as a new adventure.
I'm a production engineer and got made redundant this April after working for this company for 16 years, I won't mention the company but they closed the factory I was working at.
Within a week I got offered a contract job with a agency at another food manufacturers and love it. To confuse you more a company bought my old place of work and offered me a full time job, cut a story short I went back and after 2 days I jacked it in and went back to the contract job with the agency and still with them, of course I'm hoping there might be a full time job at the end of it.
good luck Si and think positive
 
Best of luck Si, change isn't always bad even if its forced.

Work is out there, whatever your age. If you need to tweak your budget and outgoings then don't rush into it. I've seen a few mates go through the same and panic selling cars, tech and cancelling every direct debit they have.
 
I'll probably be in a similar position in two years, when the Severn bridge changes hands, but TBH I'm not worried.

Previous experience has told me that every cloud has a silver lining and often its the push you need to look at new chapters in life. Just have confidence in your own abilities and new opportunities will present themselves.
 
Went through this last year at the ripe old age of 29 after nearly 7 years with my company. Awful feeling. Bounced back better than can be expected and said company looks like it's culled all the management and high earners after me.

Happy now I laugh at where I was i hope you will be in a similar position come next year.
 
I'm going through the new job search now. Hence being up at this silly time. Got the cop a month or so ago, after going through the same process 6 months previously but ending up staying within the company.
Got enough payout to last a while but in my industry it's not easy finding a job in the same area. I may even end up in a different country, some of which would be a very welcome change, others a little less so.
 
You must log in or register to reply here.
Back
Top Bottom