Buying contract

[custardpants2]

I've been a postie for the past 18 years on a full time contract. Last week I was asked if I would consider reducing my hours from 39 to 20. As a estimated guess how much would they offer me to do this. Thanks

[tansorboy]

£10.72

[TrueBlueTerrier]

I've been a postie for the past 18 years on a full time contract. Last week I was asked if I would consider reducing my hours from 39 to 20. As a estimated guess how much would they offer me to do this. Thanks

If you express an interest they send you a non binding offer.

The formula is here http://www.cwu.org/assets/_files/docume ... TSF_10.pdf" onclick="window.open(this.href);return false; at appendix 4 - although I believe the tax rules recently changed.

[arnold cheshire]

£10.72

i wouldnt take less than 10 grand

[Dozen]

half a jaffa cake

[P13]

I believe you now have to pay income tax and ni contributions on a buy down

[osgoody1970]

don't forget, it will affect your pension, big time!!!!

[westham000]

Don't do it. If you need money, take out a cheap loan. You will pay tax on it and it WILL badly affect your pension! Big time. If you think you can make up your hours with overtime think again. Overtime is not guaranteed.

[RetroJunkie]

20 hrs who at anytime in there life could live on so little, i'm really sick of this stupid s**t now its just pathetic

[General Mannerheim]

20 hrs who at anytime in there life could live on so little, i'm really sick of this stupid s**t now its just pathetic

Maybe they think that as they do 20 hours a week(lazy feckers) that they can extend it to all the workforce....which is nice...except we don't get paid extra like them.

[Spedley]

Interesting - after a quick look it seems to be weekly pay total of:

Number of years worked age -22 x 0.5
Number of years worked age 22-40 x 1
Number of years worked age 41- x 1.5

then x 3.75 x number of new hours / number of old hours
upto a maximum of 2 years pay (some mention of £30k max tax free ... not sure, couldn't find it again)
It doesn't seem to mention previous contracted hours (e.g. could have been on 1 hour per week for 20 years and then upto full time and still be offered the same as full timer)

e.g 18 years service and now aged 48 going from 39 hours to 20 would be approx.

((11 x 1) + (7 x 1.5) ) x 3.75 x 20 / 39 = 41 weeks pay (or £16,400 at £400/week)

... at least that is what it says after a few beers!

[Dorset Plodder]

20 hrs who at anytime in there life could live on so little, i'm really sick of this stupid s**t now its just pathetic

I agree Retro.......Having been on a 20 hr contract...It's crap. However for Older Posties, who no longer feel the need to bust their balls all week on a 39 hr contract, it's one way of keeping an income but reducing the days you work. It could be good news for others in the office as they may be made up to FT.