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Old 12-26-2009, 05:09 PM
 
Location: CT
113 posts, read 349,325 times
Reputation: 40

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I am so torn on what to do. We were told of a voluntary severence package offered. I have 22 years of service in engineering and would be eligible for 2 weeks of pay for every year of service with 6 months of continued medical and dental insurance.

We have until the 1st week of January to decide. If you do not make the decision to leave voluntarilly which would be by the end of Feburary, the involuntary will begin but we are not being told what that severence would be for an involuntary seperation which we fear could be less.

Those that make 'the cut' may be employeed for another year or two before another review of those still employed.

30% of almost 400 employees need to leave one way or another.

I have never been unemployed and have a home and children to consider and am in my forties. Seem like those who are eligible for retirement benefits are jumping at the opportunity.

We were also told we coiuld apply for unemployment after half of the severence time was up.

Has anoyone ever been in this position and did you fare better or worse?

Thanks for any and all input.

Last edited by acebritty; 12-26-2009 at 05:11 PM.. Reason: adding my age
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Old 12-26-2009, 05:29 PM
 
Location: Las Flores, Orange County, CA
26,342 posts, read 89,708,081 times
Reputation: 17740
I have 23 years engineering experience and I am 48.

What city are you in?
Is your family (grandparents, etc) all there?
What the probability you could find another job in that town within six months?
Would you be willing to relocate?
Do you have a security clearance?

I would take that voluntary severance - that's 44 weeks of pay, nearly a year. You can easily find another job - maybe not in the same town though. If your family (grandparents, etc) are all in that town and that town doesn't have any other jobs then you'd have to leave.

If you have a security clearance then you have nothing to worry about. Jobs are everywhere: Southern California, Huntsville Alabama, Dallas.....you name it.
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Old 12-26-2009, 05:35 PM
JS1
 
1,896 posts, read 6,524,050 times
Reputation: 1607
You can't collect unemployment if you take a voluntary severance. Unemployment doesn't pay much anyway so that shouldn't be a deciding factor.

44 weeks pay is a lot of time, so I would take it if I were you. Besides that, the morale of those left behind could be pretty bad.
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Old 12-26-2009, 06:19 PM
 
Location: CT
113 posts, read 349,325 times
Reputation: 40
I live in Fairfield County, CT. I have some family in CT as well as in FL and in the UK (where I originate).

I would be willing to relocate as I have been recently seperated with 2 teens and two under the age of ten. I applied for a loan modification on my home because of loss of income (due to loss of husband) and although I have still been making the payments it is a struggle and received a final payment amount which is $200+ less than the original adjustable interest amount. I had to accept the modification by christams day which i did not.

I am trying not to take the unemployment into consideration when making a decision. On one day I am confident I will accept the severance, then the next day I'm unsure. Family memebers that I have told seem to side with me on ll the pluses and minus which makes it's harder.

I do not have security clearance.

So between thinking about my home and employment, I am a mess!!
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Old 12-26-2009, 06:32 PM
 
Location: Las Flores, Orange County, CA
26,342 posts, read 89,708,081 times
Reputation: 17740
Quote:
Originally Posted by acebritty View Post
I would be willing to relocate as I have been recently seperated with 2 teens and two under the age of ten.
Aren't there issues with relocating with kids? Wouldn't the father have a say in where his kids relocate to? Would this prevent you from relocating too far away from the father?
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Old 12-26-2009, 07:12 PM
 
Location: CT
113 posts, read 349,325 times
Reputation: 40
have told him of my plight and he knows that I need to do what is best. He is willing to travel to see his children although it many not be as often as now
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Old 12-26-2009, 07:32 PM
 
Location: Las Flores, Orange County, CA
26,342 posts, read 89,708,081 times
Reputation: 17740
One other thing, while I am pretty certain severance pay is taxed at ordinary income, the withholding may be very large up front.
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Old 12-26-2009, 07:35 PM
 
Location: southern california
61,281 posts, read 83,014,794 times
Reputation: 55458
i would stay until they lay me off.
the closer you get to retirement age the better it is.
they shake the tree to see how many will fall out, after that they make you a new offer.
consider buybacks if offered.
an early retire would be a great move if you can do it or get close to it.

Last edited by Huckleberry3911948; 12-26-2009 at 07:50 PM..
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Old 12-26-2009, 07:37 PM
 
Location: CT
113 posts, read 349,325 times
Reputation: 40
sorry, what do you mean by the withholding?

Exempt empls have the choice of a lump sum and non-exempt such as myself will receive a reg bi-weekly payment
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Old 12-26-2009, 07:40 PM
 
3,767 posts, read 8,321,792 times
Reputation: 3751
Quote:
Originally Posted by JS1 View Post
You can't collect unemployment if you take a voluntary severance. Unemployment doesn't pay much anyway so that shouldn't be a deciding factor.
Though correct in some cases, not correct in all - check with the state agency and get the employer to agree not to dispute unemployment. Finally, I would ask for outplacement services fas part of the package - that will put you at a marked advantage in job hunting.
If I thought I could get a job in 4 months I would take it. If not, it would be too stressful for me. Bird in hand.
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