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Redundancy

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By *utchersDog OP   Man
over a year ago

Orpington

So, prior to my present job I was made redundant due to company restructuring.

Had a nice settlement from them and didn't think anything of it.

I was jobless for just over a year and then six years ago scored a fantastic job.

Moved up as far as I could go in the company and life was alright.

Started saving for getting married and a deposit on a place.

Then yesterday I get told that the company are selling the building where I work.

Which utterly screws up all the plans I'd made.

Not impressed at all. There's not even a timescale of when it's being sold off.

Knowing that one day I'm going to arrive at work and told "here's your severance pay, bye" is starting to make me feel well unhappy.

The businesses is doing good, but I guess that a quick buck from selling the property is worth more to the people at the top than the livelihoods of those at the bottom.

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By *izzymonkeyMan
over a year ago

Hiding In A Bush

Shit Happens.....chin up.....crack on.....find you next new big adventure in the world of jobs....

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By *partharmonyCouple
over a year ago

Ruislip

Take out income-protection insurance. It's what I'm looking into.

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By *ipseyTwoCouple
over a year ago

Biggleswade

Why does selling the building mean you’re out of a job? They could be selling to buy somewhere else? Don’t panic until you have the full picture

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By *emini ManMan
over a year ago

There and to the left a bit


"Why does selling the building mean you’re out of a job? They could be selling to buy somewhere else? Don’t panic until you have the full picture"

This

Until you have the full picture, try not to let it get to you - maybe they're selling the building to release capital but will be leasing it back - maybe they'll move to another cheaper building in the area - maybe they'll offer staff a relocation package to another office rather than redundancy or any number of other possibilities.

Look at income protection insurance to cover yourself in the event it does happen and try and find out as much as you can about the company's intentions both towards staff and the location as you can would be my advice.

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By *good-being-badMan
over a year ago

mis-types and auto corrects leads cock leeds


"So, prior to my present job I was made redundant due to company restructuring.

Had a nice settlement from them and didn't think anything of it.

I was jobless for just over a year and then six years ago scored a fantastic job.

Moved up as far as I could go in the company and life was alright.

Started saving for getting married and a deposit on a place.

Then yesterday I get told that the company are selling the building where I work.

Which utterly screws up all the plans I'd made.

Not impressed at all. There's not even a timescale of when it's being sold off.

Knowing that one day I'm going to arrive at work and told "here's your severance pay, bye" is starting to make me feel well unhappy.

The businesses is doing good, but I guess that a quick buck from selling the property is worth more to the people at the top than the livelihoods of those at the bottom.

"

I'm maybe missing something, selling the building how does that equate to turning up for work and receiving severance pay?

I know of many businesses that have sold premises and moved to newer or more appropriate premises.

Worst case it does happen the way you describe you've been there before so can use that experience to assist in the future.

Good luck

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By (user no longer on site)
over a year ago

I have just been made redundant and it’s one of those things, nothing you can do.

Company’s ultimately will do what’s best for the business not the individuals and whilst legally they have to assist in these times they very rarely give a shit about anyone.

Chin up, look for another job and move on. Sometimes these things happen all for good reason. Positive outlook.

Good luck!

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By *cd and scruffCouple
over a year ago

Rochester


"Take out income-protection insurance. It's what I'm looking into. "

In your case it is too late. There is the possibility of you loosing your job and the insurance will refuse to pay out.

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By (user no longer on site)
over a year ago

Wish id have got a settlement not just statutory bollox

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By (user no longer on site)
over a year ago


"Take out income-protection insurance. It's what I'm looking into. "

OP, I'm sorry to stick the knife in, but I've read similar posts to this one over the years. Does nobody in the UK have redundancy insurance? It's standard in so many contracts I've accepted overseas, just like medical and life insurance.

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By (user no longer on site)
over a year ago


"Take out income-protection insurance. It's what I'm looking into.

OP, I'm sorry to stick the knife in, but I've read similar posts to this one over the years. Does nobody in the UK have redundancy insurance? It's standard in so many contracts I've accepted overseas, just like medical and life insurance."

I have to be honest, until this thread id never heard of income/redundancy insurance

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By *emini ManMan
over a year ago

There and to the left a bit


"Take out income-protection insurance. It's what I'm looking into.

OP, I'm sorry to stick the knife in, but I've read similar posts to this one over the years. Does nobody in the UK have redundancy insurance? It's standard in so many contracts I've accepted overseas, just like medical and life insurance."

It's not a standard thing in employment contracts no - probably because there is a statutory redundancy by law that provides a level of cover - you can however take out income protection insurance to provide additional cover that will keep the mortgage paid for example

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By *ophieslutTV/TS
over a year ago

Central

Your employer still has responsibilities for you that cover more than providing properties for staff to be sited at. Whilst it is potentially helpful to have advanced notice that you may be sited elsewhere, such as for home moves, it gives you a headsup to potentially explore more in the organisation, prior to official notification of redundancy, should that occur. If everything else is very long distance, they may help with relocation costs, if you secured an alternative job with them - similarly to if you were job seeking after official notice. It's generous in some ways that you have this pre-notification, unless someone is trying to get rid of you out of malice or their self-interest.

It's obviously now about getting the best for your future. Investigate insurance loopholes of trying to game your predicament, as financial organisations want to minimise pay-outs and a criminal proceedings against you would be dire, whether income/mortgage insurance etc.

Hope all goes well, as your recent career did! I'm not involved with insurance or finance, so have no experienced expertise.

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By *ittleAcornMan
over a year ago

visiting the beach


"Take out income-protection insurance. It's what I'm looking into.

OP, I'm sorry to stick the knife in, but I've read similar posts to this one over the years. Does nobody in the UK have redundancy insurance? It's standard in so many contracts I've accepted overseas, just like medical and life insurance."

It is often offered alongside mortgages and loans. However, with the big misselling scandal a few years back, people are quite wary.

Also, if you are made redundant, you are immediately entitled to benefits (e.g. At least job seeker allowance), so there is I guess less of a pressing need here than in the US.

That all being said, personally I've always taken it out. 3 redundancies later, I'm pleased I have!

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By *utchersDog OP   Man
over a year ago

Orpington

Basically the company I work for is closing down the bulk of its shops permanently.

They own the property and are selling it on for a quick cash injection.

The properties they rented have all been gotten rid of now and staff just paid off and gotten rid of.

As a side note I've never heard of income insurance either...

Still, it'll free up time, help me lose some weight and I can focus on writing the smut I've been putting on here for the last six or seven years properly at long last whilst looking for another job.

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By *nabelle21Woman
over a year ago

B38

when one door closes another opens. good luck and chin up x

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By *rincessvenusCouple
over a year ago

Hull

if youve got redundancy money you will be very lucky to get esa

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By *utchersDog OP   Man
over a year ago

Orpington


"when one door closes another opens. good luck and chin up x"

Yup.

Now that I've let go of the shock and anger of the other day I've found it to be really liberating.

All the things that I've not been able to do do are once again back on the cards with some careful budgeting.

Though I suspect I'll be on the forums a lot more with my random posts and im's to people

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By (user no longer on site)
over a year ago

Look for another position now don't wait

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By *nabelle21Woman
over a year ago

B38


"when one door closes another opens. good luck and chin up x

Yup.

Now that I've let go of the shock and anger of the other day I've found it to be really liberating.

All the things that I've not been able to do do are once again back on the cards with some careful budgeting.

Though I suspect I'll be on the forums a lot more with my random posts and im's to people "

That's the spirit...win, win

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By (user no longer on site)
over a year ago

Could be worse,had email on holiday july,as of 10.36 today the company is in administration and employment terminated,American owners,private equity,left national insurance fund with a hefty bill to pay the 200 staff

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By *rightonsteveMan
over a year ago

Brighton - even Hove!

Capitalism.....see it as an opportunity and the start of something new rather than the end of something.

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By (user no longer on site)
over a year ago

gone are the days of having a job for life.

lucky to make 10 years in the same place it seems

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By *ENGUYMan
over a year ago

Hull

To those made redundant, it feels as if your world is going to collapse around you.

It's happened to me 8 times since 1990. But after the first time, I took precautions to future protect myself.

Any financial product from Mortgage, Loans and Credit Cards usually offer Income / Illness / Redundancy protection. Where offered, take it. In my case, these policies paid my monthly bills for 12 months max. That was a godsend.

Speak to your local Job Centre as they'll have different rules & processes to kick in to assist you. Speak too to your local Council as they can help by witholding Council Tax payments till you are back in work.

As I say, redundancy has hit me 8 times; being able to cope has helped enormously. Do not be afraid to ask for help.

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