Permanent TSB offers 10k career break - Would you?

Aurora Borealis

Just read on rte.ie that Permanent TSB is apparently offering staff a paid career break in an effort to cut costs in the months and years ahead because the Irish economy is in recession.It is offering to pay employees up to €20,000 to take a two-year career break (€10,000 per year) or €35,000 for a three-year break.Dear God I would leap at a chance like that!! Anyone else green with envy at the prospects of an offer like that? I know I'd be off on me travels as soon as I'd signed on the dotted line. I wonder will it catch on...Cue daydreaming for the day of far-flung destinations...

Jay P

Ìf only I wasn't still in school....

Trev M

Its pretty small amount really in the sheme of things and its taxed as income... maybe good if yer going back to college or whatever. JObs are gonna tighten up and in three years you go back to exactly were ya where .... I mean who knows what life throw at ya in three years

seamus

Not in the slightest.

€10k per year wouldn't even come close to covering my costs, even if travelling, and when you return you're not guaranteed to get your job back, just a job in the same place.

The only reason I'd take a career break would be to go back to college, and €10k per year definitely wouldn't be nearly enough money.

Quazzie

yea well we get free Kit-Kats in the canteen. I just need to nick about 250 a week to make that 35k

spikeprint

i'd take it, you can travel the world for a year on €10,000. i'd be off for 3 years!!

indough

dont know how youd stretch 10000 over a whole years travelling, been to some cheap places but not that cheap

Trev M

spikeprint wrote: »

i'd take it, you can travel the world for a year on €10,000. i'd be off for 3 years!!

Not a chance.

c - 13

seamus wrote: »

Not in the slightest.

€10k per year wouldn't even come close to covering my costs, even if travelling, and when you return you're not guaranteed to get your job back, just a job in the same place.

The only reason I'd take a career break would be to go back to college, and €10k per year definitely wouldn't be nearly enough money.

Same here.

If I was just out of college again and had no real monthly outgoing/bills i'd certainly consider it.

robinph

Depends if there was anything in the contract about not being able to work during that time or not. I'd take the money and go get another job for a couple of years, but no way I could live off that little money.

Dragan

**** no. Thats less than 25% of my yearly wage.

Not a ****ing chance.

Dragan

Dragan wrote: »

**** no. Thats less than 25% of my yearly wage.

Not a ****ing chance.

10Gs goes a LONG LONG way is South East Asia! :P

me-skywalker

Trev M wrote: »

Its pretty small amount really in the sheme of things and its taxed as income... maybe good if yer going back to college or whatever. JObs are gonna tighten up and in three years you go back to exactly were ya where .... I mean who knows what life throw at ya in three years

€10k for a year would be very substantial if u wanted to travel

stovelid

I think they also have a handy little proviso of not necessarily guaranteeing you the 'same job' when you come back.

Danbo!

Dragan wrote: »

**** no. Thats less than 25% of my yearly wage.

Not a ****ing chance.

Ooooh... look at moneybags over here

indough

Deleted User wrote: »

10Gs goes a LONG LONG way is South East Asia! :P

south east asia isnt really that cheap anymore

anyway whats the point in travelling if you're on a budget of 10000 for a whole year, wont be able to live it up even in se asia with that much

beertons

I would, but it's taxed. So you don't get 10k

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indough wrote: »

dont know how youd stretch 10000 over a whole years travelling, been to some cheap places but not that cheap

Easily done,do the whole asia,south america thing and stop off in oz/new zealand and work a bit.

indough

jackncoke wrote: »

Easily done,do the whole asia,south america thing and stop off in oz/new zealand and work a bit.

no it really isnt, it would cost near enough a grand just for a flight to se asia and that would be at non peak time of year, plus you wouldnt see 10000 a year after tax

Dave!

seamus wrote: »

Not in the slightest.

€10k per year wouldn't even come close to covering my costs, even if travelling, and when you return you're not guaranteed to get your job back, just a job in the same place.

The only reason I'd take a career break would be to go back to college, and €10k per year definitely wouldn't be nearly enough money.

This.

Aurora Borealis

Yeah the tax issue is a consideration and 10k would not cover what I would hope to do if travelling for the year or 35k for three years for that matter but if as already mentioned you could work it would certainly help towards it. I'd seriously think about anyway but even a non paid career break is something I think often about anyway.... I really really want to see so many more places and have no major commitments holding me here so the urge to sail off into the sunset is great.

Gone Drinking

Dragan wrote: »

**** no. Thats less than 25% of my yearly wage.

Not a ****ing chance.

Sure it wouldn't even cover your roid supplements! :P

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indough wrote: »

no it really isnt, it would cost near enough a grand just for a flight to se asia and that would be at non peak time of year, plus you wouldnt see 10000 a year after tax

eh,mate,ive done it and i had a lot less than 10,000

indough

sorry but i dont believe you survived on 10000 (certainly not a lot less than 10000) for a years travelling, and even if you did you must have had a **** time of it with less than 200 quid a week to spend

ToxicPaddy

Surely if its only €10k a year then its under the tax bands and it would be tax free???

I'm sure if you went travelling with €10k bad up funds ibn your pocket you would survive and getting some work knowing its there would definitely help, all you'd need to do is to earn enough in whatever work you got while travelling to cover your daily costs and budget the rest over the year.. easily done I'm sure..

indough

whats the point in taking the time out to travel if youre gonna be working?

surely thats just working abroad rather than travelling?

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indough wrote: »

sorry but i dont believe you survived on 10000 (certainly not a lot less than 10000) for a years travelling, and even if you did you must have had a **** time of it with less than 200 quid a week to spend

Went to Asia,Australia,New Zealand,Fiji and the states.
Cost me in total,6000 euro.

I had about ten jobs in Australia to supplement my travelling..so....there ya go.

indough

dont really class that as travelling for 6000 to be honest as you were working whilst you were away, you must have spent a hell of a lot more than 6000 total

i wouldnt take a 10000 a year deal to go away on a working holiday

melekalikimaka

indough wrote: »

dont really class that as travelling for 6000 to be honest as you were working whilst you were away, you must have spent a hell of a lot more than 6000 total

i wouldnt take a 10000 a year deal to go away on a working holiday

i'd utterly disagree

you can travel and see the work while working...

BrokenArrows

totally agree.
i took out a 5k loan and went to oz for a year.

i worked and travelled and saw a lot.

10k would be sweet. you would probably still have to take a odd job here and there to keep the funds topped up but you could still see alot for 10k.

but the thing is.....do they actually plan on giving you the 10k in one amount. unlikely. id say they will be paying it as a wage over the year.

and whos to say you cant take the 10k and go get another job. yes yes yes recession and all but there are still jobs to be had.

connundrum

Anything can be done, if you just believe - Disney phrases are great

If a person wants to travel the world on 10k, let em. I know I could do it, and I know I'd want to work for some part of that year too - so you're looking at a total earnings possibility of 15 - 25k depending on what you get up to.

I would definitely take the opportunity as I'd love to finish a degree or look at further training. As for the possibility of going back to the same job - I may wish to return to that job, or I may have found something else which interests me. Luckily I would have been getting paid during the time I was finding that other interesting thing

Kai

sorry to burst the bubble lads but its not 20k for 2 years career break.

the deal is for 50% of one years pay up to a maximum of 20k.

so for someone thats on 24k, like the people i know working there, that means the pay off is 12k for a 2 year break.

so thats 6k per year and take your tax off that you are not left with much, also cant work without permission from ptsb.

so just to let ye know the staff arent that lucky.

RATM

So only 6k per year then which if it is that low Id imagine you wouldnt be paying tax on it.
You could still take time off to go do a dip/degree on that kinda money for a bit. 6k would pay your rent and then get a part time job to cover your living costs. Plus a grant of 3k per year from your local council if you qualify. Not bad, Id do it, better than a kick in the arse.

Tar.Aldarion

I only know one person who went around the world for the year, mostly asia though, no expensive places. Was way less(well maybe 5k) than 10k, he did it directly after college.

dotsman

Unless I was already thinking about taking a career break anyway (and had money saved up) then no, it's not a lot of money. Also, if you have a mortgage etc, then the money certainly won't cover that while you're off.

Also, you must remember that if you were away for 3 years, when you return to your job, you have 3 years less experience than your current peers. Therefore, chances are you would spend the rest of your career one rung on the ladder lower than where you could be! Also, the fact that you won't get your actual job back means that, although you might like your job at the moment, upon returning, you could end up in a ****ty area (same salary, but less job satisfaction)

As for the those who spent under 10K on your previous travels, you have all stated that you worked while you were away. You must remember that this is not just an Irish recession, it's a global one. You'll find it hard to get a job in Oz or the States etc these days.

As I said, if I had already been thinking about a career break, then this would probably be the sign that I should go for one. But as I haven't been (and as I also have a mortgage), then no, if they offered me this at work, I wouldn't take it.

Red Sleeping Beauty

Can you take the 35K and just never come back and then get a new job elsewhere ?

stepbar

Tax? Unless you earn more than 18k per year you won't be taxed. I think PTSB have got it right. If my bank offered such a scheme I'd be up for it. I'd also be up for about 50k redundancy as well TBH

jester77

Not a chance, if no one takes it they will have to offer redundancy. At least with the redundancy you can walk off and get a new job next week!

dotsman

jester77 wrote: »

Not a chance, if no one takes it they will have to offer redundancy. At least with the redundancy you can walk off and get a new job next week!

To be fair, you can still get a new job with the career break. It's just you can't work for any competitors (ie any bank operating within ireland).