My Redundancy Diary

A question about : My Redundancy Diary

I am being made redundant on 28 April 2011 (actually finish on 8 April due to leave etc) and would like to share my thoughts and experiences. Before I start I would just like to say that this affects everyone completely differently and we all have different life/relationship and financial positions. Even so, there are bound to be shared thoughts and experiences with all of us.

I have worked for the same company for 23 years (since I was 20 years old) and am fortunate to be getting a decent payment. My first dilemma is whether to work or not in the next year as I will be paying 40% tax even if I just get a part time job on min wage. Second is what work would I like to do. Having just received a distinction on NEBOSH General Certificate (Health & Safety for anyone out of this field) I should be looking at using my skills in this area.

I don't want to ramble on too much in my first post (I will add to this diary regularly) and invite anyone interested to join in and share their experiences and comments. I do believe that being positive may not pay the bills and stop any worries but it will help you cope with what is extremely unsettling.

Best answers:

• I decided to take the same positive attitude and got a job two months later when it happened to me (2 years ago now). I got a very nice year's salary as a pay off and with the Ј30,000 tax free we very happily decided to improve our little house which worked out brilliantly.
  It is the best thing that could have happened to me, I was with my firm for almost 10 years. So pleased I accepted it and I feel happier than I was in my old job, I was just too scared to move back then and the events made me.
  Good luck.
  SJ
• 40% tax thats a big payout, over Ј72k.
  You could just pension any money you earn and pay no tax.
  What about some volunteer work trying to utilise your skill set.
  https://www.do-it.org.uk/
  Do more holidays plenty of lastminute bargains out there.
  Doing all the jobs around the house that need doing is a good idea so you are all set for a return to work.
• I was thinking more for any paid work into the pension rather than the payout, you have enough with that to minimise expences and live on
  Try asking at the job center for a list of places that support unemployed people.
  I was told by one of our local support groups that they(JC+) have a list but don't give it out you have to ask.
  https://www.careersspringboard.info/
  If not local there are still some usefull links and tips, maybe there is an equivilent group local to you.
  On the mortgage front, it depends on the rate.
  I kept mine because it was 1.45% and I can get more in savings.
  A bit late unless your current lender will let you have one but an offset is a good comprimise, reduce debt without losing access to the money.
• Hello all
  I've been offered voluntary redundancy and I've taken it. Like the OP, my last official date is the end of April but last physical date is 8 April - with TOIL it'll be just over 1 yrs salary.
  I have made a small calendar for my desk at work and I am peeling off the days one by one.
  I cannot express how happy this change is making me. I should probably qualify that by saying I'm not normally drawn to change and have in the past stuck with things out of habit and laziness but this is such a huge change and it's scary but I've completely embraced it!
  My redundancy is acting as a catalyst for a lot of other things.
  1) I'm downsizing and moving into a friend's spare room. This will save me huge amounts immediately. All inclusive rent and yes, there will be a legal document to ensure we're both protected.
  2) I am going to pay off my debts & lock up my credit card. Being 100% debt free will be so very amazing.
  3) I am going to begin a part time degree in September. I've always allowed my education or lack of to stand in the way of my career progression.
  4) I am going to be volunteering for selfish (more experience in different areas, boost my CV) and altruistic reasons.
  5) I'm going on a proper holiday to see parts of the world I had previously only dreamt of.
  This is the first time I've ever had a life plan and it feels strangely calming.
  This time in two weeks will be the eve of my last day and I CANNOT WAIT!!
• Talking with the family yesterday I was asked if I would be signing on. I said probably not as may not be actively seeking employment. I was told I should do as this would enable my NI contributions to be topped up.
• have you been in this position?
• Anyone have any thoughts on this?
• do I still have to sign on fortnightly to get it even if not claiming any payment?
• With 23 yeaes NI you need another 7 for the state pension
  At 43 this is probably not that hard to make up
  Not tried(I am taking time out) but I think you still need to show you are actively looking to get the NI credit.
• We have just found out that my wifes NI contributions are automatically topped up as she is off work to look after our little lad as he is under 12.
  If she goes back to work and I am off to look after him for say a year wonder if they will transfer those top ups to me? Anyone know?
  By the way I am busily clearing out my files at work and seem to be doing a lot of shredding. I still haven't chased up Working Links or others for prosects of further training. I think it is just a lull I am going through as it still doesn't feel quite real YET!
• I finally called WL and they said they could not offer me any help. I think it may be because I left it too long from first starting to use their services and my file has now been closed.
  The "overfamiliar" woman speaking "at" me on the phone calling me "luv" told me to contact Job Centre and ask them for help. Thanks!
  i will speak with contact in jobcentre tomorrow.
  TOP TIP....if you manage to get help from then make sure you do everything they say or they will shut your file and then you will not get any more help. Until tomorrow then.......
• I get my redundancy letter of 14 April and will be leaving work on 14 May. I too am counting the days and am luckily enough to be in a financial position that I never need to work and have only been doing so because I enjoyed my job despite being stung by the tax man every month.
  I intend to enjoy my time at home and have no intention of ever working again - quite nice to think I will be completely retired at 49
  Good luck to you in your forthcoming adventure
• I am considering going to college to study something just to keep myself occupied. I was actually traced by an inheritance hunter firm 3 yrs ago and left an income for life .. all very sudden and unexpected and life changing at the same time.
  I did give up work then but after 6 months was very bored and went back part time. This time though it will be different as I do intend to fill my time and really do not want to work again.
  Now if I can just get my lazy son to leave home life will be perfect lol
• What a great idea for a thread Andyboy. I'll definitely be following this one.
  My request for voluntary redundancy from a local government post has been granted and I'm going towards the end of May.
  Unfortunately, 11 years service doesn't give me a huge pay off but it means we can keep our heads above water for about a year even without me working (we've made lots of mortgage OPs so no worries there - many thanks to everyone on MFW threads for inspiring me!).
  I've been alternating between excitement and terror ever since I got 'the letter'. I really don't want to go straight back into a full-time job but, like others on this site, I've worked full-time for so long it's hard to resist the impulse to rush out and find more of the same. It doesn't help that almost everyone I tell asks 'what are you going to do?' as though I have to have an immediate plan of action.
  So . . . at the moment I'm trying to resist doing what is probably the most sensible option, i.e. find another job as soon as possible, and instead I'm going to pursue my dream of being a writer (until the money runs out anyway). At 49, it's now or never for me!
  I'm also going to follow your thread - it will be great to find out how others are turning redundancy into a life-changing opportunity.
  Good luck everyone. If we're all going to be working until we drop, we might as well be doing something we love.
• I've also read this thread with interest - tomorrow is my last official day as an employee, I'm leaving the civil service after almost 28 years. I'm getting a pretty good pay out but not enough to retire on. I actually did like my job but not my employer - it was a joint venture with another body. I've now applied to work with the other side of the organisation - if that comes off I'll be in a very good place, so I'm keeping my fingers crossed that works out.
  I do feel a little scared as at 47 it's not easy finding work, but I'm sure something will come up if Plan A fails to materialise.
  Good luck to all in the same situation - I know there's a lot of us about.
• I have had a mare of a day and now think what am i doing. i am still flogging myself for the company i leave in a weeks time. Old habits are very hard to stop!![/QUOTE]
  I'm doing exactly the same. My manager keeps talking about 'the handover' as though there is someone about to step into my shoes. As I know there's not I'm working like a maniac, trying to do the impossible and leave with an empty in-tray/mailbox etc. All habits definitely die hard.