Help-Redundancy?? or what else?

Jesse Custer

hey folks...just looking to see if anybody can give me some advice/inspiration about whether or not to take redundancy!!

basically my story is as follows:
i work for a pretty large company who are laying lots of people off - its a pretty crap redundancy package and i've only been with the company 5 years so its not worth a huge amount to me, say 11k. that alone is not going to keep me going for long with no job. i have some savings and recently got a small bit of a windfall from a relative. as of this month i am debt free (no loans, credit card etc.) so i feel i am in a great position to pack it all in and head abroad.
i have an arts degree (history and geography) and have done a tefl a couple of years ago but never used it - i'm thinking of trying to teach my way around south america for a few months (hopefully using tefl to pay the way instead of my savings) and gain teaching experience along the way.
but what then??? i come back to ireland say september 2013 and theres no jobs and definitely no teaching jobs - going back to college to qualify as a teacher is going to cost a fortune but might have no other options.

i don't even know if i would qualify for the dole when i return back??

on the other side - i'm pushing 30, have a decent job (my job itself is essentially safe), good benefits and a pretty good pension through work aswell and probably the best time in 20 years to get on the property ladder!!!! i'll be leaving a pretty good job basically to take a chance on a different career - if it goes tits up i'll be left in my mid thirties with no job, no home, no career, no pension and no money etc...

anybody been through he same dilemma or got any advice for me??

been looking on the revenue website and i think the whole of my redundancy will be tax free but maybe someone could clarify this for me??
all responses appreciated!!!
oh...i have to let my job know by Monday if i am going to apply for redundancy or not !!!!!!!!!!!

Mrs OBumble

If you were mid 20s, I'd say go for it.

Mid 30's ... mmm, you may need to think about a base. As you say, there will probably never be a better time to buy property here, and if you can get something, pay it off hard for 5 years and then let the rent pay for it while you go travelling in your 40s.

I have a few friends who didn't buy houses until their mid 40s, and they'll be paying 'em off for the rest of their lives.

All that said ... follow your heart. Only stay with your job if you actually like doing it.

Jesse Custer

thanks JustMary,
i'm 29 now...
to be honest i'd already resigned myself to working there for life, but now the redundancy etc has come up its really made me re-evaluate it all!!

i know what you mean, its either stay and settle or go and..........whatever happens happens!

i really don't like my job, and its going to get worse after all the staff losses and restructures...but its still hard give up the security and a solid future!

panama

Jesse Custer wrote: »

hey folks...just looking to see if anybody can give me some advice/inspiration about whether or not to take redundancy!!

basically my story is as follows:
i work for a pretty large company who are laying lots of people off - its a pretty crap redundancy package and i've only been with the company 5 years so its not worth a huge amount to me, say 11k. that alone is not going to keep me going for long with no job. !!

11k + the dole would be alright to ''keep you going" though wouldn't it.

tk123

Would your job let you take some unpaid leave? At least that way you could do some travel and still have the security to come back to?

I was made redundant last week after 11 years. I kind of wanted a career change for a good while but played it safe and stayed where I was. It's nice to stay in your little rut and not have to make these life changing decisions but at the same time it's nice to think that these things happen for a reason. I'm hoping the redundancy is going to give me the push I need to decide what direction I want to take. I've been budgeting for a good while now so will be able to get by fine on the dole while I do some courses online etc

Jesse Custer

panama wrote: »

11k + the dole would be alright to ''keep you going" though wouldn't it.

it would alright but if i don't pick up work teaching abroad it wont last too long, plus if i stay here with rent etc in Dublin i can't see me managing for too long.
someone told me i cant apply for the dole for a good while after you take redundancy???

Jesse Custer

tk123 wrote: »

Would your job let you take some unpaid leave? At least that way you could do some travel and still have the security to come back to?

I was made redundant last week after 11 years. I kind of wanted a career change for a good while but played it safe and stayed where I was. It's nice to stay in your little rut and not have to make these life changing decisions but at the same time it's nice to think that these things happen for a reason. I'm hoping the redundancy is going to give me the push I need to decide what direction I want to take. I've been budgeting for a good while now so will be able to get by fine on the dole while I do some courses online etc

i'm afraid unpaid leave or a career break is not an option and they have actually phased this out totally the past while!! personally i think career breaks would be ideal instead of making so many redundant but i guess they don't see it the same way!!

tough luck on being made redundant yourself but as you say maybe its for a reason. this might sound bad but i'd nearly prefer to be "made" redundant than "apply" to be, if that makes sense. if i was forced out it'd take the decision making out of it.
but yeah, it could be the opportunity I, (and you), need to get off my ass and do something I want to do.
i think as of this point i'm probably 75% sure i'm gonna take it.

the best of good luck to you with your courses and getting on with it !!!!!!!!

nibtrix

Jesse Custer wrote: »

someone told me i cant apply for the dole for a good while after you take redundancy???

Here's some info about tax on redundancy payments - you shouldn't have to pay any tax on €11k of redundancy...http://www.citizensinformation.ie/en/employment/retirement/income_tax_in_retirement/retirement_lump_sum_taxation.html

You can apply for the dole straight away, there is only a period of disqualification if you get over 50k in payment... http://www.welfare.ie/en/pages/jajbfaq.aspx#q3

Jesse Custer

nibtrix wrote: »

Here's some info about tax on redundancy payments - you shouldn't have to pay any tax on €11k of redundancy...http://www.citizensinformation.ie/en/employment/retirement/income_tax_in_retirement/retirement_lump_sum_taxation.html

You can apply for the dole straight away, there is only a period of disqualification if you get over 50k in payment... http://www.welfare.ie/en/pages/jajbfaq.aspx#q3

that's great,thanks for the links !! definitely makes things a little clearer for me!

thrilledskinny

Just to let you know you cant claim 'dole' if you take a career break so you would be eating into your redundancy money straight away.

Even if you didnt get work straight away abroad, it costs nothing (esp compared to here) to live somewhere like South America and travel around.

If I were you I'd take it as chance in a million to travel while your still young.
But then again it is totally up to you.

Also re collecting dole straight after redundancy, my partner was made redundant and yes it took maybe 9 wks to get his money but he did get back paid and he did have his redundancy money to live on so he was ok.

Let us know what you decide to do? Leave your job or stay?

I would only love to be offered a redundancy package to leave my job.

BTW Are you under any pressure from family or friend to 'foolishly give up a good job/any job?''

Jesse Custer

thrilledskinny wrote: »

Just to let you know you cant claim 'dole' if you take a career break so you would be eating into your redundancy money straight away.

Even if you didnt get work straight away abroad, it costs nothing (esp compared to here) to live somewhere like South America and travel around.

If I were you I'd take it as chance in a million to travel while your still young.
But then again it is totally up to you.

Also re collecting dole straight after redundancy, my partner was made redundant and yes it took maybe 9 wks to get his money but he did get back paid and he did have his redundancy money to live on so he was ok.

Let us know what you decide to do? Leave your job or stay?

I would only love to be offered a redundancy package to leave my job.

BTW Are you under any pressure from family or friend to 'foolishly give up a good job/any job?''

a career break isn't an option anyways but thanks for the info...it looks like i wouldn't be excluded from claiming jobseekers straight away (the 9 week wait) as i won't be getting enough of a lump sum to be excluded so i'm not too worried that way.
how has your partner being getting on since? has he been able to get work?

most people i have been chatting to, my family included, are behind me either way whatever i decide. my dad wouldn't be best pleased about it if i did leave but i think at the end of the day he'd understand-especially the fact i have some sort of "plan" in mind and won't be sitting on my ass at home wasting it all away.

Mullan1983

its a hard one to call but go with your heart, but be practical with no rose tinted ides too:)

tk123

What happened OP?

thrilledskinny

Very curious to hear what you decided ?
My partner chilled for a yr after accepting redundancy and then started looking for a job that he would like. He got the second job he applied for and which he really wanted.
Am so tempted myself to make that life changing decision to give up my 'good' job which I never loved.

Jesse Custer

after plenty of soul searching - i bit the bullet and put my name in for the redundancy!!!!!! maybe its right decision, maybe wrong - i can only guess time will tell!!
i'm glad i've done it though, and excited by whats ahead but every now and then i just think what the hell am i doing!!

the ball is now in my bosses court and i will know in a little while whether its been accepted or not, and if so what date i'll be leaving.

thanks everybody for your two cents worth - all much appreciated and will let ye guys know what happens

jimmycrackcorm

Best of luck and enjoy travelling.
Remember that Redundancy != Life sentence, so make the most of your opportunity.

Mullan1983

hello any word yet if you will receive redunancy?

tatli_lokma

best of luck with it.

Its a tough decision, but you have to go with your gut. Plus, staying is no guarantee that your job is secure. If they are asking for voluntary redundancies now, they may well issue compulsory redundancies later. Then again it could be safe for life - but you just never know.

I was faced with a redundancy dilemma last year. I struggled with the decision for a while, but in the end took redundancy. The whole environment and how they treated people throughout the process was what gave me the push - it had become an unpleasant place to work with no loyalty to their employees or concern for their feelings.

Anyway, here I now am doing a job I would never have dreamed of applying for had I not taken redundancy. I love it and it has been a fantastic outcome for me. It was a scary time for awhile when I was first unemployed but thank god it all worked out.

I am now certain I made the right choice, because since the first round of voluntary redundancies more compulsory redundancies have come about. Those who do still have a job live under the horrible shadow of uncertainty and don't know how long they will be safe. People are doing 10-11 hour days, and killing themselves trying to show their value to the company. It has become dog eat dog with a horrible competitive atmosphere. Had I stayed on, I would undoubtedly have been made redundant anyway eventually and I would have missed the chance of my current job.

So as they say, what's for you won't pass you....you just have to be brave enough to follow your gut! and brave enough to take the consequences of that decision and pick yourself up afterwards if it turned out to be the wrong choice.

Best of luck with whatever happens!

panama

Little Ted wrote: »

best of luck with it.

Anyway, here I now am doing a job I would never have dreamed of applying for had I not taken redundancy. I love it and it has been a fantastic outcome for me. It was a scary time for awhile when I was first unemployed but thank god it all worked out. !

Good to hear, what line of work did you go into if you don't mind me asking?

Jesse Custer

Mullan1983 wrote: »

hello any word yet if you will receive redunancy?

nothing yet...i was told by my line manager during the week that it will be in the next few days.
the scheme has been well oversubscribed though so i'm not as confident as i was about it!! fingers crossed

Jesse Custer

Little Ted wrote: »

best of luck with it.

Its a tough decision, but you have to go with your gut. Plus, staying is no guarantee that your job is secure. If they are asking for voluntary redundancies now, they may well issue compulsory redundancies later. Then again it could be safe for life - but you just never know.

I was faced with a redundancy dilemma last year. I struggled with the decision for a while, but in the end took redundancy. The whole environment and how they treated people throughout the process was what gave me the push - it had become an unpleasant place to work with no loyalty to their employees or concern for their feelings.

Anyway, here I now am doing a job I would never have dreamed of applying for had I not taken redundancy. I love it and it has been a fantastic outcome for me. It was a scary time for awhile when I was first unemployed but thank god it all worked out.

I am now certain I made the right choice, because since the first round of voluntary redundancies more compulsory redundancies have come about. Those who do still have a job live under the horrible shadow of uncertainty and don't know how long they will be safe. People are doing 10-11 hour days, and killing themselves trying to show their value to the company. It has become dog eat dog with a horrible competitive atmosphere. Had I stayed on, I would undoubtedly have been made redundant anyway eventually and I would have missed the chance of my current job.

So as they say, what's for you won't pass you....you just have to be brave enough to follow your gut! and brave enough to take the consequences of that decision and pick yourself up afterwards if it turned out to be the wrong choice.

Best of luck with whatever happens!

thanks for sharing your story. i'm glad things have worked out for you. it is a tricky decision alright.
i see it somewhat similar to you, whats going to be left behind in the company is not going to be a nice pace to work. this is also the second round of voluntary layoffs so i guess forced redundancy could be just around the corner.
we've been told that the scheme (even though its a poor package) has been way oversubscribed so i reckon everybody else is thinking the same thing.
i've always worked hard and have a good record at work - but i'm thinking now that might work against me !!!!
i'll know in he next few days for sure........