Redundancy for over 65s

Deadly · Post by **Deadly** » 25 Jul 2020, 09:57

We had a bit of a heated discussion yesterday between two over 65s and a younger postie which although it was very entertaining to watch it raised a question.

Basically the two over 65s have been hanging on for voluntary redundancy for years and are now in their late 60s. They were moaning about the job and when asked why they hadn't retired yet one of them mentioned they were waiting for redundancy. This is when they were given the bombshell that over 65s receive either nothing or a greatly reduced amount due to their age. Does anyone know the truth?

deltaforce · Post by **deltaforce** » 25 Jul 2020, 15:24

Deadly wrote:We had a bit of a heated discussion yesterday between two over 65s and a younger postie which although it was very entertaining to watch it raised a question.

Basically the two over 65s have been hanging on for voluntary redundancy for years and are now in their late 60s. They were moaning about the job and when asked why they hadn't retired yet one of them mentioned they were waiting for redundancy. This is when they were given the bombshell that over 65s receive either nothing or a greatly reduced amount due to their age. Does anyone know the truth?

I believe the upper age limit for redundancy pay was done away with when the statutory retirement age finished a few years back. Personally I would retire while the goings good,instead of waiting for some mythical pay out. The turnover of staff is pretty constant and RM could manage out any surplus like they have done in the past. It’s much cheaper.

Cedar_Room · Post by **Cedar_Room** » 25 Jul 2020, 16:22

If I’m still hanging around the DO in my late 60s I hope somebody kicks me down the street to knock some sense into me. In fact my wife would probably be at the front of the queue...

Post by **blue1873** » 25 Jul 2020, 16:40

On 19th April 2018 I was given an EVR figure of £ 41,752 . As I was turning 65 in October that year my thoughts were after 31 years service "that will do nicely". Weeks dragged by with nothing more being said ,was called into office in July and was given a figure £35k with no reason for drop of over £6K ,both
Union and MC Management couldn't give an explanation ,it later transpired that EVR budget was shot at that time (why the previous offers then ) Was given an offer of just over £30k in late September 2018. After 5 months of bulls**t from local management i was only to glad too get out . I was told by both Union
and Senior manager that given my age there was sliding scale of EVR payment, this was in operation
because in the past people left after their retiral age with nothing so a new deal was done to solve this anomaly.Another three people were leaving around the same time as myself and were going out with
2 years wages but they were under 60. Don't think Management

and Union

would tell
porkies about the figures .....do you, so it appears that the older you are the less you get wether there is
no actual retiral age nowadays

Biker Mouse · Post by **Biker Mouse** » 25 Jul 2020, 17:30

Statutory Redundancy pay is governed by strict rules. There is no deduction for age anymore.
EVR has enhanced rates on top of SRP and that is up to the company and union. The company may have a sliding scale after 60 but statutory redundancy is set in stone.

Tman · Post by **Tman** » 25 Jul 2020, 18:39

EVR offers is what they're referring to. Has anyone in general RM employment ever had SRP?

Intercityfirm1970 · Post by **Intercityfirm1970** » 25 Jul 2020, 19:43

I'm 50 and done 34 years service.. Why the hell anyone would want to spend there time doing this s**t in there late 60s must either have dementia or no home life.. If I can hang in till 55 I'm gone to enjoy the rest of my life

comeracing · Post by **comeracing** » 25 Jul 2020, 22:13

Intercityfirm1970 wrote:I'm 50 and done 34 years service.. Why the hell anyone would want to spend there time doing this s**t in there late 60s must either have dementia or no home life.. If I can hang in till 55 I'm gone to enjoy the rest of my life

im 48 with 25 years service can I ask what your hopeing for at 55,becuase that's when I want to go

roadrunner bill · Post by **roadrunner bill** » 26 Jul 2020, 04:53

comeracing wrote:
Intercityfirm1970 wrote:I'm 50 and done 34 years service.. Why the hell anyone would want to spend there time doing this s**t in there late 60s must either have dementia or no home life.. If I can hang in till 55 I'm gone to enjoy the rest of my life
im 48 with 25 years service can I ask what your hopeing for at 55,becuase that's when I want to go

Well said sir........

Post by **HTPostman** » 26 Jul 2020, 05:29

Intercityfirm1970 wrote:I'm 50 and done 34 years service.. Why the hell anyone would want to spend there time doing this s**t in there late 60s must either have dementia or no home life.. If I can hang in till 55 I'm gone to enjoy the rest of my life

Fully agree.

I love the job but don’t understand why some of the older postmen still stick around. Their bodies are broken and they struggle to do their duty and hobble round, they are targeted constantly by management and always say how much they dislike the job. I’d understand if they enjoyed what they do but they don’t.

I just don’t get it. I’m guessing they’ve been here so long they don’t know any different and they are afraid of retiring and being bored.

I’m planning to retire at 45 and fund myself till I get my pension at 55. There’s no way I’ll still be here in my 60s putting daily stress on my body and having a daily battle over what I can and can’t take when I could be on the golf course or in the pool.

Post by **RobertT** » 26 Jul 2020, 06:13

HTPostman wrote:
Intercityfirm1970 wrote:I'm 50 and done 34 years service.. Why the hell anyone would want to spend there time doing this s**t in there late 60s must either have dementia or no home life.. If I can hang in till 55 I'm gone to enjoy the rest of my life
Fully agree.

I love the job but don’t understand why some of the older postmen still stick around. Their bodies are broken and they struggle to do their duty and hobble round, they are targeted constantly by management and always say how much they dislike the job. I’d understand if they enjoyed what they do but they don’t.

I just don’t get it. I’m guessing they’ve been here so long they don’t know any different and they are afraid of retiring and being bored.

I’m planning to retire at 45 and fund myself till I get my pension at 55. There’s no way I’ll still be here in my 60s putting daily stress on my body and having a daily battle over what I can and can’t take when I could be on the golf course or in the pool.

Retiring at 45 – that's a bold statement! Possible for some, but unrealistic for most!

Saying that I could have gone at 49-50 if I'd really wanted to, but that would have meant making too many compromises and living far too cheaply for far too long.
For me, 55 is the optimum age – long enough to build up a healthy savings pot, but early enough to enjoy life after work. But everyone's different.

I came across the FIRE movement online about 12 months ago, I'd never heard of it before, but realised I'd been following the same ideas since my 20's.

Less than 3 years to go for me and thoroughly looking forward to it.

Woody Guthrie · Post by **Woody Guthrie** » 26 Jul 2020, 07:52

Retiring at 45 – that's a bold statement

I think what most people mean when they talk about very early retirement is that they want to move away from having their job as their main focus in life. This usually means part-time working of some sort.

The real key to achieving this is paying off your mortgage at the earliest opportunity which should allow people to maintain their current lifestyle on approximately 60-70% of their pre-retirement income.

If you're lucky enough to have a partner who wishes to continue to work full-time this could reduce to around 50% of your individual earnings.. With a part-time job this is very achievable and not really that bold.

Post by **RobertT** » 26 Jul 2020, 09:18

As far as I'm concerned retiring is exactly that - not working! if i give up a full time job and get a part time job, I might be semi-retired, but I'm not retired.

Maybe HTPostman can tell us his definition?

Post by **HTPostman** » 26 Jul 2020, 09:52

RobertT wrote:As far as I'm concerned retiring is exactly that - not working! if i give up a full time job and get a part time job, I might be semi-retired, but I'm not retired.

Maybe HTPostman can tell us his definition?

I’ll have to be careful with what I say so as not to give too much away and identify myself.

My mortgage is paid off, I’m 35, hope to retire in 10 years. I’ve been saving cleverly (obviously covid19 has affected that somewhat) and have £25k invested in collectibles/antiques which I’ll sell at 45.

I play guitar in a few bands keeping busy on the gig circuit so when I ‘retire’ I’ll continue to earn a small amount doing those gigs to supplement my savings. To me playing music isn’t a job but others might see it as still working.

Post by **RobertT** » 26 Jul 2020, 10:09

I dabbled a bit with music when I was younger, attempting(I wasn't and am still not very good) to play guitar in a band, I later went on to write and record on my own using a home studio mainly using synths and sequencers.
So I can understand where you're coming from when you say it isn't a job – it's something you enjoy that you also get paid for.

I can't see £25k getting you very far to be honest, but good luck, I wish I had the ability to play guitar 'in a few bands on the gig circuit'.