Hi all, does anyone have any advice on being made redundant? Not taking a voluntary redundancy, but as in 'Your position no longer exists / We have to downsize / We have to let you go.'
This is a distinct possibility for me in the next 6 months so I was wondering if anyone's been there and if you have any advice? I found some helpful websites but would appreciate advice from anyone who's been through it.
I did find a not-so-helpful website where the person who was made redundant said she wasn't really worried because she already had enough in her savings account to support herself for 6 months without work, so she blew her redundancy payment on a family holiday to Fiji and then started her own boutique business. Er, thanks for that advice, smug redundant lady
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20-07-2014 19:22 #1
Anyone here been made redundant before?
20-07-2014 19:34 #2
Yes I have. It happened to a few of us in the workplace in one go. There were a few serious matters going on in the workplace that led up to that and it was all incredibly dodgy but it was still a complete shock.
I ended up taking the unfair dismissal route and settled out of court.
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20-07-2014 19:41 #3
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?
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20-07-2014 19:42 #4
Hi. My dh was made redundant earlier this year.
What are you actually wanting to know?
Depending on how long you have been employed depends on how much redundancy you are paid. A certain amount of the redundancy is tax free. You will also be paid any yearly bonus as part of your package and any leave you have owing to you.
In our case we had savings so we weren't too worried financially and dh also had income protection insurance payable for 3 months, although his insurance was only a quarter of his monthly income it was handy to have. We had income protection insurance on our car loan also which meant the car payments were covered for 2 months and then we cancelled the insurance and got a refund because we also had a disability and sickness cover included in that insurance that we weren't aware of and we already have that insurance elsewhere. Ended up that we had our car payments covered for a further 3 months.
Dh was out of work for just over 2 months. He is now in a lot less paying position and totally different field of work but he's home every night so it suits us for now. But he's been offered a promotion already due to him being too highly qualified for his current position. In a year or so he may look at going back to the mining industry, will wait and see.
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20-07-2014 19:59 #5
Thanks heaps for the replies everyone, it's really helpful. In answer to what I specifically wanted to know, it's really just what kinds of things you did to cope with the redundancy, if there's anything you could have done to prepare for it if you had known it was coming, whether it took you a long time to find another job etc. that's good advice about the external company helping with redoing CV, also good to know about the Centerlink payments waiting period, thanks.
I'm thinking I better do a budget so I can work out how long a redundancy payment would last (I've been there 4 years so I believe I'm entitled to 8 weeks pay, according to a website I read). Also I'm going to update my CV, but apart from that not sure if I can do anything else to prepare.
My company is mostly funded by government and a lot of that funding has now gone and our CEO says there will have to be redundancies, I should find out for sure in the next few months once they have worked out a new company budget. My position is well-paid and the duties could easily be split up and allocated to other staff, so I'm thinking that I'm pretty much a sitting duck if they want to make savings fast. I'm a good worker and get on well with everyone but business is business and I have to be ready for bad news but try and stay positive and proactive!
Last edited by aquarius; 20-07-2014 at 20:04.
20-07-2014 20:04 #6
Yes 2 weeks ago. I'm taking 6 months off now to relocate the family then look for work next year. You are doing a great job being prepared
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20-07-2014 20:10 #7
20-07-2014 20:38 #8
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!
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20-07-2014 20:39 #9
Maybe apply for income protection insurance?
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20-07-2014 20:43 #10
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