Voluntary Redundancy

[centenaryman]

i know it still early days,,,,but after posting the above,,,,royal mail has now come back with figures for the ppl that applied for voluntary redundancy......they gave the most senior 10 there figures this morning,,,,,lads that didn't get there figures asked why not,,,,and were told they get them if any of the 1st 10 don't take redundancy.

[y2j4dx]

What sort of figures were mentioned ? And how many years had they done if you don't mind me asking?

[centenaryman]

30-35 years ish were offered 42000-44000 ish.....I say ish because its somewere near these.......the highest offer was a lad whos done over 35 years got offered 50 ish

but we all know its only figures on a piece of paper,,,,,,will royal mail pay out and if so its gunna cost a lot up an down the country to get rid of a lot of ppl

[Deadly]

It is expensive for Royal Mail, but it's a short term financial pain for a long time financial gain by getting rid of mainly full time long serving staff with all the expensive perks they have. Perhaps Royal mail are for once planning for the long term rather than not looking further ahead than the next twelve months, which is what they normally seem to do.

[heckster]

ive been told by my union rep you get two years pay only if you are under 55. if you are over its only 13 weeks. can anyone confirm?

[Deadly]

I think it depends if the over 55s are taking their pension. Someone more knowledgeable will be along soon to explain it better.

[Tman]

ive been told by my union rep you get two years pay only if you are under 55. if you are over its only 13 weeks. can anyone confirm?

It's 104 weeks pay only if you have worked enough years. The over-55s get 26 weeks pay compensation plus an enhanced pension and lump sum IF they get offered EVR terms.

[heckster]

[ thanks for that. I have 36 years service, and I am 56
if I take my pension now will I be better off later in the year if evrs are offered?

[Darren Bent]

I would thought it is more cost effective to offer it to people with 10 years services rather than 30+ years. But I don't set the rules or policy. Good luck for those who get 30 grand from Royal Mail.

[baldrick]

[ thanks for that. I have 36 years service, and I am 56
if I take my pension now will I be better off later in the year if evrs are offered?

If you take your pension early without evr, it is going to be reduced by 5% for every year you take it early, so I think you are going to lose 20% pa. As a rough guide, if your pension would be £10kpa that means you would lose £2k pa.
If you did get offered VR after taking your pension you would get 104 weeks VR instead of 26. I don't know what your current annual pensionable pay is, but assuming it's about £22k, that would mean that 26 weeks VR would be about £11k, and 104 weeks VR would be £44k.
So you would get £33k more. You need to decide whether it's worth giving up an extra £2k pa pension (with inflation linked rises) and the loss of £6k on your pension lump sum (assuming you are in the RM pension scheme A/B) in order to get an extra £33k (of which £14k will be taxed at 20/40%) on your VR payment.
That would also depend on how long you think you are likely to live, drawing a pension.
And you need to be sure that you are going to be offered VR later in the year.

[pod25]

Was ask a few weeks back and it wasn't a bad deal if you could get another job. It was a lot more than people in my office expected. Quite a few of the people in their fifties have said yes to it.

I'll show my a**e in Woolworths window if a single one of them actually gets it.

I agree.
I doubt very much any of these DOM's or DSM's have actually checked with HR if it is possible to offer a VR.
And remember, for every VR given is more work for those left to pick up.

[Budfrog]

There us a thread on the Post Office page of this site which may be of interest to anyone considering VR, it is specifically around the tax implications of when the VR payment is actually made in relation to the tax year.

http://www.royalmailchat.co.uk/communit ... 19&t=67528" onclick="window.open(this.href);return false;

[Stormproof]

They done the VR exercise at my office before xmas. Everyone was given their figures but we've been told no VR's. Only buy down being offered.

[dvbuk55]

They done the VR exercise at my office before xmas. Everyone was given their figures but we've been told no VR's. Only buy down being offered.

Well it's worth looking at depending on your age and circumstances. Bearing in mind that should a vacancy occur full time after 2 years you could apply for it. It may be that the buy down gives you the opportunity to work overtime when you want it.

[Stormproof]

They done the VR exercise at my office before xmas. Everyone was given their figures but we've been told no VR's. Only buy down being offered.

Well it's worth looking at depending on your age and circumstances. Bearing in mind that should a vacancy occur full time after 2 years you could apply for it. It may be that the buy down gives you the opportunity to work overtime when you want it.

I'm taking buy down. Have been told you are not allowed to work o/t or any SA's otherwise you have to start paying buy down money back once you go over your hours (new thing??). Anyway I'll be happy to do my 25 hours and then stick my fingers up if they want me to go over
Very happy that RM are giving me money to start my own business from home