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  1. #21
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    Many years ago I worked for a small event management company who got into serious financial trouble. Everyone lost their jobs but because of the nature of the financial trouble we didn't get any sort of payout. Essentially we were told there wasn't going to be enough money to pay us after X date and that was it. Turns out the company hadn't been paying our superannuation for the last few months either so that was a mighty big mess and extremely stressful.

    Four of the team were hired by another event management company who took on some the existing clients. Thankfully, one of my clients who didnt go to that other firm recommended me to a different event management company that had taken on their work. So, luckily for me, I wasn't unemployed for very long and ended up working with fabulous people, but the whole experience made me very wary of working for small business.

    I also took one of the Qld Govt's "voluntary redundancies" in 2012. Our GM was told he had to shed 25% of his staff. He just needed to pick and choose which ones to go. Awful position for him to be put in and he was devastated that it had to be done but there was no choice. In my case it was voluntary (I was desperate to leave that environment and put my hand up) but for many it came as a complete shock.

    I got a reasonable payout (about 6 months pay once you included payout of unused holiday leave) despite only being there for three years. Because of the timing of the redundancy (in October) I decided to take off until January 2013 and then start looking for a new job.

    During my break I put some of the redundancy money towards upskilling (all tax deductible too) - I work in marketing and communications, so I did a digital marketing course and went to some networking events to meet other industry people. My husband and I also develop iPhone apps on the side so I spent my time coming up with concepts and testing apps.

    When I started applying for work again it took me about three months to find another position. But the Qld economy was a bit of a mess at the time given how many people had flooded the job market at roughly the same time.

    I was glad I took some time out to do my own thing. My head wasn't in the right space when I first finished up and I know I would have blown a lot of interviews if I'd gone in carrying the negative baggage from my previous job.

    Don't discount the idea of taking a couple of weeks to have a break and relax. Remember that when you do get a new job, it will be awhile before you can take holidays again so take the opportunity while it's there.

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    aquarius  (23-07-2014)

  3. #22
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    Quote Originally Posted by ExcuseMyFrench View Post
    I'm confused, I didn't know one could get an income protection that would cover redundancy?

    I know mine doesn't cover it and couldn't find one that does.

    Would love it if someone can share their policies
    quite a few companies do it now. Virgin insurance and Tower Insurance are 2 that do. They only cover for involuntary redundancies though.

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    aquarius  (23-07-2014)

  5. #23
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    Quote Originally Posted by Shinning View Post
    If u think it might happen go get redundancy insurance now
    Exactly this! There is usually a waiting period, ours was 6 months. There was talk some time ago that the mining industry was slowing down and they did make some redundant at that time so we didn't waste time in getting the insurance just in case. Low and behold 8 months later a whole heap more were made redundant including dh.

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    aquarius  (23-07-2014)

  7. #24
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    Quote Originally Posted by monnie24 View Post
    I haven't but hubby did it's been so stressful for us but other things too (our son being majorly sick for couple weeks and not knowing the outcome!)

    We had savings, plus redundancy so couldn't get any benefits until about 4 weeks ago (hubby got a job two weeks ago!) he has been unemployed since January!!!!!

    My advice is pay extra on rent or mortgage (or put aside in account) buy woolies vouchers for rainy day. We don't have credit card so we don't have that back up.
    Apply for jobs do your resume and keep it up to date
    Cut back on everything
    My husband and I have had to move interstate for work! It's cost us over $5,000! Probably more. It's been so stressful. I'm currently in our home state emptying it and packing to rent it out. Then we have to rent. We almost lost our house everything because of car loan, mortgage etc. ( things we can afford just not on Centrelink )
    Take out income protection? Haha!!

    Hope I've helped!
    Some good advice there!

    I recommend looking for work outside the square you live in and get your resume updated and professionally done. Dh applied for many positions, some he didn't have the experience in although he met some of the criteria and he also applied for positions in other towns, we were prepared to move if we had too. Rather that than him be out of work if that's what it took. He ended up getting quite a few interviews and had to chose between 3 positions offered to him.

    And also when coming into financially difficulty there are always solutions. Banks etc have hardship options and are quite accommodating. We were able to reduce our mortgage payments for 3 months without having to pay the arrears back afterwards, they put the arrears onto the mortgage amount and also we changed the contract for the car loan to be extended over 7 years instead of 5 years which means the repayments are significantly less now. We weren't sure how long dh was going to be out of work so we acted early in regards to our finances just in case so we didn't get stuck. Now that things did work out for us and we are on track we can make additional repayments to the mortgage and car.
    Last edited by Blessedwith3boys; 21-07-2014 at 12:49.

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    aquarius  (23-07-2014)

  9. #25
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    Thank you everyone so much for your advice and for sharing your stories. There's some fantastic advice here. Much appreciated.

  10. #26
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    Quote Originally Posted by bedlover View Post
    DH was made redundant last year. Was sh1t as was a small business so he only got 4 weeks pay which was his notice period. They told him on the Thursday and he finished up the meeting, walked out and didn't have to go back. Very weird for him emotionally as didn't see it coming. Also right before Christmas - cheers for that!

    We went into centrelink straight away but you can only claim once the duration of your redundancy payment has lapsed (so after the 4 weeks in our case). Didn't qualify for anything as we own our on home etc. was v stressful but he got another job and all is ok now.

    What specifically did you want to know?
    Exact same thing happened to DH. Right before Christmas, complete shock oh and we had a NB too!!

    DH luckily got enough of a pay out for us to be fine for 6 months. Still no job though!!! So he's gone back to Uni. There is just no work here.

    He signed a contract when he started which locked him out of his field for 12 months!! That's been the biggest kick to the guts hence going back to Uni and focusing on a new field.
    Last edited by waterlily; 23-07-2014 at 22:13.

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    aquarius  (27-07-2014)

  12. #27
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    I haven't been made redundant but I work in payroll and have sadly handled more redundancies than I ever would have liked to. It is dependent on how long you've been there as to how many weeks you will be paid, also, redundancies are taxed at a different rate to regular pay so even though you get paid out 8 weeks in your redundancy (as an example, may be more or may be less), you'll find that it actually works out to be the equivalent of around 14 weeks (depending in the figures!) of your normal after tax pay because it's taxed at such a low rate.

    Also, know your entitlements. If they require you to work your four weeks' notice then you are entitled to one day off a week to go to interviews! This isn't the case if they pay you the four weeks in lieu, of course, since they're paying you for time you don't have to work.

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    aquarius  (25-07-2014)

  14. #28
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    The commonwealth bank told me something a few weeks ago about an insurance where if we lost our jobs they would pay out the mortgage ? Don't know more details sorry

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    aquarius  (25-07-2014)

  16. #29
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    thanks guys. @Goblin Queen I didn't think of the 8 weeks pay being more like 14 weeks pay coz of the low tax rate! That's great. In my contract it says something like 'if the company loses funding we have the right to terminate your contract without notice.' I thought that would still count as an involuntary redundancy, but someone told me today that it doesn't count as a redundancy so I wouldn't be entitled to anything. I think that's wrong but I will be getting some advice.
    @waterlily that must be so difficult that your DH is locked out of his field for a whole 12 months. the contracts at my organisation say we can't 'poach' any clients for 6 mths after we leave, but we can still work in the field.

  17. #30
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    @aquarius that's a tough one because it would depend on the circumstances. Definitely get some advice but that sounds like it's surrounding the company's funding itself and not the loss of your particular job so it might depend on why your job is being made redundant.

    Also, don't quote me on those figures, they were just an example but if it's a genuine redundancy, they should give you a redundancy quote with the amount you're being paid, divide that by your usual after tax pay and you'll be able to figure out how many weeks' worth of pay you're getting.

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