I am about to be made redundant from my company after 10 years. They are offering me £10,000?

Answer 1

take the money when will you ever be able to get that much capital again use some of the money to invest in retraing yourself and spend the rest on a holiday

Answer 2

Check:

a) if your company operates a redundancy policy and that you are being offered anything available to you under that scheme
b) If you want to keep working for the company, have they tried to offer you similar work or relocate you?

Alternatively, the legal minimums are as follows:

1. STATUTORY REDUNDANCY PAY (Employment Rights Act 1996 s.162 unless stated)

(i) 1/2 week's pay for each year of service between 18th and 22nd birthday.

(ii) 1 week's pay for each year of service between 22nd and 41st birthday.

(iii) 1 1/2 week's pay for each year of service between 41st and 65th birthday.

(iv) Only 20 most recent years (maximum) to be taken into account.

(v) No-one has the right to statutory redundancy pay if he/she is dismissed (technically if "the relevant date") is after his/her 65th birthday (ERA 1996 s.156(2))

(vi) If a unisex "normal retiring age" of below 65 applies in the employee's business, that age will replace 65 as the upper limit (ERA 1996 s.156(2))

(viii) If 64 when made redundant, statutory redundancy pay is reduced by 1/12th for each complete month between 64th birthday and "the relevant date".

(viii) Service before age 18 is not taken into account for statutory redundancy pay (ERA 1996 s.211(2))

Good luck with post redundancy life!

Answer 3

Take it.A grand a year sounds pretty good to me.Look at retraining,doing a part time course or something to give you more skills so you are able to find a new job with a company you really want to work for.

Answer 4

Please take the money and look at the positive side of life. All is not lost and I am sure you will be able to secure another job. Use the money to improve your skills as well as look for another job. Mind you this may be a blessing in disguise. You will be shocked to get a better job. Believe in God.!!

Answer 5

That seems a pretty good payoff, the minumum required by Uk employment law is one months salary for each year served, how does that balance against £10k?

Answer 6

I lost my job too- I was given 1 months salary for each year of employment

Answer 7

You could always check with CAB or take the money. have you deceided what you going to do when you finish. if you fancy working for your self check out www.bluethundergroup.com

Answer 8

take it and be happy

Answer 9

nice one, mines a white wine please. lol