Redundancy offer. Is it worth taking or not?
M45 and recently told that my firm is making redundancies.
Last week we were informed of the terms for voluntary redundancy and these are the basic financials.
- 2 weeks pay for every year we've worked there (I'm on 15 so that would be 30 weeks.)
- PILON - so 3.months of gardening leave
- No restrictions on taking on freelance or consulting work for the company - normally there is a 4 month period where that isn't possible.
I'm currently on £50k a year, so the redundancy payment would be £28.5k + an extra £12.5k in PILON.
My situation is as follows:
- wife works full-time and earns roughly the same.
- 2 kids - aged 6 & 8. Sadly, only one grandparent alive and they live a long way away so feel like we're juggling a lot.
- Mortgage: £90k left. Paying £650 a month. No need to move.
- Approximately £90k in savings (S&S ISA)
- Pension around £110k
Job is/was fine. Not that interesting, but not totally boring. Bit of a desk jockey type job. If I want to, I can stay (role is up for redundancy, but others are in the cross hairs due to a product being withdrawn). However, not sure how much room for growth there is in role. Bit of a dead man's shoes scenario due to career moves, so likely to be 3-4 years before promotion. At the same time, role isn't that challenging, quite low stress and perks are good (reason I have stayed for 15 years). Industry is dying slowly (print & digital media based role) so could eek out for another 10 years or so, but limited opportunities out there.
I'll admit, I'm tempted to take redundancy and try something new due to lack of growth options. However, at 45 worried that this job is worth keeping and that there will be nothing out there.
Thoughts?