Buydown

[Jambomatt1874]

Anybody got any experiance of this? Tempted to buy down to 30hrs but how does it affect wages,pension holidays and everything else about being fulltime. Help appreciated

[watt tyler]

Anybody got any experiance of this? Tempted to buy down to 30hrs but how does it affect wages,pension holidays and everything else about being fulltime. Help appreciated

my understanding is , holidays the same. pension contributions decrease so eventual pension less. on the buydown if for example your annual pay is 20k, and if you down to 15k, you will get 2x the difference, I e 10k.

[crammypostie1]

u will not get the chance mate

[houseoflords]

Only way out is retirement, think its 67, so got years to go, oh well job for life as they say at Mcdonalds "I'm loving it" my D.O.M is my hero.

[WornOutPosty]

No chance of a buy down any more. Yes you can drop your hours, but you wont get anything for doing so.

[watt tyler]

what the crafty buggers do is take say 9 hours off your full time contract and knock you down to 30 hours, but you will still do the same amount of work. so they will be quids in, in the very near future.

[Theghost]

I took a buydown from 40 to 30 hours about 5 years ago,I was just starting my 14th year,I got £3400 tax free for taking it.
If you go back full time within 2 years you have to pay some back,Depending on when/IF you do.

I just did overtime every day,Then after 6 months was asked to do 2 hours S/A every day,Basically asking me to be full time without the contract,So i did.

3 years after taking the buy down i was given a permanent full time contract again.

Lots of people in my office moaned about it,But i could see how the office was running,I could see they couldnt afford people doing less hours and took the gamble and reduced my hours.

I had a part time job as back up also,So that swayed it for me a little.

If i was offered a buy down again i would bite their hands off,For even less than i got last time.

[UnhappyGremlin]

I took a buydown from 40 to 30 hours about 5 years ago,I was just starting my 14th year,I got £3400 tax free for taking it.
If you go back full time within 2 years you have to pay some back,Depending on when/IF you do.

I just did overtime every day,Then after 6 months was asked to do 2 hours S/A every day,Basically asking me to be full time without the contract,So i did.

3 years after taking the buy down i was given a permanent full time contract again.

Lots of people in my office moaned about it,But i could see how the office was running,I could see they couldnt afford people doing less hours and took the gamble and reduced my hours.

I had a part time job as back up also,So that swayed it for me a little.

If i was offered a buy down again i would bite their hands off,For even less than i got last time.

It is very unlikely RM will actually pay out anymore. People have enquired in my office and told yes, but only or free.
And even if they did pay you, you wouldn't get FT ever again. They are trying to get rid of us all.

[Jambomatt1874]

I took a buydown from 40 to 30 hours about 5 years ago,I was just starting my 14th year,I got £3400 tax free for taking it.
If you go back full time within 2 years you have to pay some back,Depending on when/IF you do.

I just did overtime every day,Then after 6 months was asked to do 2 hours S/A every day,Basically asking me to be full time without the contract,So i did.

3 years after taking the buy down i was given a permanent full time contract again.

Lots of people in my office moaned about it,But i could see how the office was running,I could see they couldnt afford people doing less hours and took the gamble and reduced my hours.

I had a part time job as back up also,So that swayed it for me a little.

If i was offered a buy down again i would bite their hands off,For even less than i got last time.

So would you do it again if you were in the same postion? Iv got a parttime job but after 25yrs i dont know if its too much of a gamble and id be better staying as i am. iv still got a bit of time before i can even think about retiring, just really fed up with royal mail in general

[Jambomatt1874]

I took a buydown from 40 to 30 hours about 5 years ago,I was just starting my 14th year,I got £3400 tax free for taking it.
If you go back full time within 2 years you have to pay some back,Depending on when/IF you do.

I just did overtime every day,Then after 6 months was asked to do 2 hours S/A every day,Basically asking me to be full time without the contract,So i did.

3 years after taking the buy down i was given a permanent full time contract again.

Lots of people in my office moaned about it,But i could see how the office was running,I could see they couldnt afford people doing less hours and took the gamble and reduced my hours.

I had a part time job as back up also,So that swayed it for me a little.

If i was offered a buy down again i would bite their hands off,For even less than i got last time.

Sorry mate just read the last line of your post again

[Jambomatt1874]

It is very unlikely RM will actually pay out anymore. People have enquired in my office and told yes, but only or free.
And even if they did pay you, you wouldn't get FT ever again. They are trying to get rid of us all.[/quote]

There are buydowns available cause they want to slash there full time staff. I dont expect to get full time again as the business doesnt want this, all im asking is if its an option worth considering

[Tuffers-1875]

I went for a buy down from 40hrs to 23hrs. Got paid the lump some in last weeks pay packet. I work 3 full days a week now. Three of us went for it and 4 buy downs were available.

[Stella102]

i dont think you will get a but down these days unless they really want to cut staff, had a few in our offices but they had to do it voluntarily.

[wallop]

Just this week staff that took a buy down in our local MC a few years back have been put back on FT contracts.