Redundancy
- Thread starter si-forks
- Start date
si-forks said:So called into work for a meeting today the upshot of it is I'm having my hours reduced from 40 to 24 basically a permanent 3 day week
On the upside I no longer work Friday or Monday downside I'm loosing 2/5th of my salary
Tricky one now Si , understandable if work is dry but could also be considered a attempt to force you out without paying redundancy :?
If it was me id sit tight as a 3 day week is my ideal , i appreciate it may not be for you
Twist or stick i guess now , best wishes with your choice
Hi Si forks
I can only really echo what everybody else has said, but be positive and more than anything in this day and age be proud of the skills and experience you can bring to any new situation or to any new prospective employer. If you where to go down the SE route think of how many lessons and school boy errors you will avoid because you have been there and done that in your industry of choice. have a think what's also transferable to different working environments you might surprise yourselves. best of luck chap it will all work out for the best with a strong positive attitude
Tony
I can only really echo what everybody else has said, but be positive and more than anything in this day and age be proud of the skills and experience you can bring to any new situation or to any new prospective employer. If you where to go down the SE route think of how many lessons and school boy errors you will avoid because you have been there and done that in your industry of choice. have a think what's also transferable to different working environments you might surprise yourselves. best of luck chap it will all work out for the best with a strong positive attitude
Tony
Sorry Si was typing whiles you posted on the positive side you now have two days a week to ether set yourself up with the knowledge you have or two days a week to retrain in an area you have a passion for ether way good luck chap
Si
If you have not already signed a new contract for the 3 day week Don't!
Take some time to think about it, you don't have to accept the new terms and if you decline they will either have to keep you on your current contract or make you redundant. In my eyes both ate better options than the massive reduction in salary and IIRC if you do get made redundant the redundancy payment is based on your final salary so accepting the new contract will greatly reduce the redundancy payout if it comes to that
If you have not already signed a new contract for the 3 day week Don't!
Take some time to think about it, you don't have to accept the new terms and if you decline they will either have to keep you on your current contract or make you redundant. In my eyes both ate better options than the massive reduction in salary and IIRC if you do get made redundant the redundancy payment is based on your final salary so accepting the new contract will greatly reduce the redundancy payout if it comes to that
No worries, was in the same position a couple of years ago, I declined the reduction in hours and said I'll either stay on my current terms or take redundancy at the same time one of my colleagues who had been given the same "offer" resigned so I basically ended up with his hours, since then business turned around so I'm still at the same company and after taking on more responsibility ended up with a decent pay risesi-forks said:
We were offered similar where we were to go down to basically a 4 day week but the company wanted us to stagger our hours over 5 days doing what would be an early and a late shift.
We all rejected this as if we were getting a reduction in pay but having to pay the same travel costs as before.
Said if we were getting 4 days pay we would only work on 4 days and the extra day off could be used to find other work.
Everything was ok for a few months and then redundancies kicked in as they had to save money somewhere.
A stab in the dark but I dont suppose you work for Servicepoint do you?
We all rejected this as if we were getting a reduction in pay but having to pay the same travel costs as before.
Said if we were getting 4 days pay we would only work on 4 days and the extra day off could be used to find other work.
Everything was ok for a few months and then redundancies kicked in as they had to save money somewhere.
A stab in the dark but I dont suppose you work for Servicepoint do you?
If its a independent family firm id be wary of rocking the boat or making demands even if that's how you really feel . My limited understanding of the path they are taking is they can actually lay you off completely for short periods of time followed by full time employment again for short periods of time followed by another laid off period ,
You get fed up & leave :? they don't have the redundancy expense
i'd take the current offer politely & look for a way out that suits you
You get fed up & leave :? they don't have the redundancy expense
i'd take the current offer politely & look for a way out that suits you
mr wilks said:If its a independent family firm id be wary of rocking the boat or making demands even if that's how you really feel . My limited understanding of the path they are taking is they can actually lay you off completely for short periods of time followed by full time employment again for short periods of time followed by another laid off period ,
You get fed up & leave :? they don't have the redundancy expense
i'd take the current offer politely & look for a way out that suits you
Unless you specifically agreed to being laid off without pay it they have to give you full pay for layoff periods
85genius said:mr wilks said:If its a independent family firm id be wary of rocking the boat or making demands even if that's how you really feel . My limited understanding of the path they are taking is they can actually lay you off completely for short periods of time followed by full time employment again for short periods of time followed by another laid off period ,
You get fed up & leave :? they don't have the redundancy expense
i'd take the current offer politely & look for a way out that suits you
Unless you specifically agreed to being laid off without pay it they have to give you full pay for layoff periods
Is that a relatively new rule ?
Ive been a self employed sub contractor for 25years so employment rights have never been of interest to me but ive worked for a lot of companies alongside fully contracted employees & even very recently have come across this lay off trick with only statutory basic pay offered . Less than £150 per week iirc :?
Si, if it's a small firm that you work for and they are struggling I'd be surprised if they will be able to afford to pay you your full redundancy amount. You would only get a payout from the National Insurance Fund if they go bust and are unable to pay you themselves.
Therefore if it was me, I'd spend the two days they've laid you off finding something else, and when you find something you're happy with tell your current firm that the situation isn't working out for you and offer take voluntary redundancy (even if they pay you part of what you should get over say a 6 month period). I'm sure that would be a welcome way out for your current boss so that It isn't going to cost him an arm and a leg straight away.
You then get a few extra quid and walk straight into another job, without the stress of sitting it out hoping they recover.
Therefore if it was me, I'd spend the two days they've laid you off finding something else, and when you find something you're happy with tell your current firm that the situation isn't working out for you and offer take voluntary redundancy (even if they pay you part of what you should get over say a 6 month period). I'm sure that would be a welcome way out for your current boss so that It isn't going to cost him an arm and a leg straight away.
You then get a few extra quid and walk straight into another job, without the stress of sitting it out hoping they recover.
I went through this - ish. Everyone in my team BUT me was made redundant (i wanted it too as basically we were all being screwed in different ways... i was forced to stay in a ridiculous role, and thus had to quit and leave with no payout). Equally my better half if suffering this right now (mid way through the process). It's pretty stressful so anything you can do in advance to prep makes life much easier.
Use what time you have to try to skill up or brush up on skills. The process is meant to help you move on, but me and friends both found it to be useless so avoid relying on their help. The sooner you reach out and start the process of looking the sooner you'll be on your feet happily again. As mentioned, networking is key - maybe even the z4forum is useful here! Age is just experience to most employers, and experience is very valuable.
You're probably looking at around half your salary (tax free) for 20 years / your age so you should have some wiggle room.
Best of luck.
EDIT: also worth mentioning 'redundancy' is one of the best reasons you can give when a company asks why you're leaving!
Use what time you have to try to skill up or brush up on skills. The process is meant to help you move on, but me and friends both found it to be useless so avoid relying on their help. The sooner you reach out and start the process of looking the sooner you'll be on your feet happily again. As mentioned, networking is key - maybe even the z4forum is useful here! Age is just experience to most employers, and experience is very valuable.
You're probably looking at around half your salary (tax free) for 20 years / your age so you should have some wiggle room.
Best of luck.
EDIT: also worth mentioning 'redundancy' is one of the best reasons you can give when a company asks why you're leaving!
ronk said:
It's true, I went down to 3 days a week (voluntarily) for a couple of years prior to retirement and a 2/5 cut in gross salary does not mean anything like a 2/5 cut in take home pay when tax and NI is taken into consideration. Plus the 'fringe' benefits of not having the expenses of going to work 2 days a week (travel etc) add up as well.
Good luck Si, there's plenty out there for an honest hardworking guy.
uuf361 said:
That is a result :wink:
Seriously though, it's happened to me twice and although I'm only 42, I know enough through the experience to say it's not ever the end of the world. Fear is the mindkiller, opportunities come up and it's all about a positive outlook. See it is a chance to do something different or linked and play up your experience and dedication. Also start looking now so you feel like you're doing rather than waiting.
Good luck with it all Si.
Sometimes I thought that I worked in the Department of Redundancy Department. I also had this happen: once after 19 years on the job, then after 12 years in what I thought would be my last position. Fortunately, although severance was only 12 weeks pay in recognition of my 12 years of underpaid service, I was able to secure a better job the next day, at age 65. I enjoyed that job for five years and then chose to retire 48 hours before my 70th birthday. I was unsure whether or not I could afford to stop working, but I recalled that I was also unsure about finances when I got married back in 1966, and that seemed to work out all right. I am fortunate to be healthy and fit enough to enjoy driving briskly, most recently in a Mazda MX-5, Jaguar XK8, Porsche Boxster S, and now in the Z4 3.0iTaz said:
I wish you well and hope that everything works out in your favour.