Take voluntary redundancy when the numbers work in your favour
HR books a side room for 2pm on a Tuesday, and the letter waiting there does the arithmetic for you: age and years of service, capped by law, then a figure just under £30,000, tax-free. You have three weeks to sign, no extensions. You do the maths against your mortgage, not your feelings. Say yes, and the last day is oddly quiet — no cake, just your name deleted from the shared calendar and a cardboard box by reception nobody else notices you carrying out.
Practical
- Cost
- $0 (you're paid, not charged)
- Best time
- No fixed season; offers follow restructuring cycles, often after year-end
- Difficulty
- Moderate
- Time it takes
- 2–4 weeks to decide; payment usually clears within a month
- What people get wrong
- People assume the £30,000 tax-free limit applies only to statutory redundancy pay rather than the whole termination package, and miss the acceptance deadline while trying to negotiate a better offer instead of just deciding.
- With
- Alone