Should i take redundancy

Use the table below to help you estimate the different payments you may receive and the tax treatment of each. How long will it take me to find another job? Estimate the time it will take to get a new job, then add four weeks to give yourself a buffer. Take this number of weeks and multiply it by your current after-tax weekly salary found on your payslip. If this figure is more than the amount you worked out in your spreadsheet above, think long and hard before accepting it.

Despite laws forbidding it, age discrimination still exists, so it may take you longer to secure the job you want if you are over Think of the number of people in your current workplace who are over 50 to see how this may affect you.

Do I want a change of career? If you have already decided your current career path has come to an end, a voluntary redundancy may provide a golden opportunity to keep an income while training and breaking into a new career. Am I ready to start looking for another job? The thought of not having to set the alarm and face the traffic is very appealing when you are working. Make sure you are ready to dust off the resume, brush up on your interview skills, let the world know you are looking for your next opportunity and get the skills and qualifications you need to land your dream job.

Am I financially ready to retire? If you are thinking about retiring, add your total assets including the amount you have worked out in your spreadsheet, your super and any investments. Be mindful that if you were born after , you will not qualify for a Centrelink age pension until at least six months after you turn Most people fear change, especially when it is thrust upon them. So what should you do to prevent this fear pushing you into the wrong decision? People being offered voluntary redundancy should look at the physical and emotional impact of any change in addition to the financial implications — and then work out whether they can do anything positive to mitigate that impact.

Gareth Chick, human resources specialist and director of Spring Partnerships , says: "Talk it over immediately with a small number of people who care about you — your spouse obviously, but maybe also a close friend and maybe a son or daughter who is working, if you have one.

These people will help you to think through your options. They will sympathise with your predicament but they will also quickly move to bolster your confidence and help you turn it to your advantage.

Most people think about change negatively, says Smith, but to make a clear decision, you need to understand why. Was it, for example, imprinted on you in your childhood that it is better to be in a "secure and steady" employed position, even if you don't enjoy that job, than work in a variety of consultancies? Once you have identified why you are thinking in a particular way, you are better able to work out if it is a reasonable opinion.

Or are there solutions, once you allow yourself to look for them? What if I set up my own business, and it flies? Don't just think of the threats — try to consider the opportunities. Chick agrees: "I know it sounds crass, but stay positive — so many people who endure the shock and trauma of redundancy go on to experience it as the best thing that ever happened to them, so make sure you are thinking as clearly as possible before deciding.

Employers offering voluntary redundancy want to achieve a certain headcount loss so they do not have to resort to forced redundancies. They may, therefore, be willing to offer more than they first put on the table. Play up any and every positive aspect of your employment record, such as attendance records, past employee recognition or really positive appraisals. Since you have shown dedication and loyalty, the least they can do is match this now.

But get out and seek advice and support from friends, family and consultants even if your employer is offering outplacement. Was this article helpful? Popular on SEEK. Ready for a pay rise? These in-demand jobs are paying more. Industries where the jobs are right now. A guide to salaries in your industry. Explore related topics. Progressing your career.

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