Redundancy, too good to be true

#1
I spent a good thirty minutes trying make sense of the DIN (a good effort on my side may i add) and after i read the preious posts i am more confused!!!!!

There was a mention of 1.5 months pay for every year served ? which would equate to a full screw level 7... who has served for 18 years....

£3600.00 + 1800.00 = £5400.00

£5400.00 x 18 = £97200.00

Far too good to be true !

but however the goverment would save a fair deal in money for wages over the next four years for people who did "cash in" i suppose.

no doubt every AGC wallah will be getting an abundance of bone questions tommorow & thousands of fat pads wives will be relishing the thought of new high heels and ron hills for christmas!
 
#3
There was a mention of 1.5 months pay for every year served ? which would equate to a full screw level 7... who has served for 18 years....

£3600.00 + 1800.00 = £5400.00

£5400.00 x 18 = £97200.00

Far too good to be true !


I would check your figures as well.

If you are correct i am reverting to Cpl now.

I am a WO1, Level 1 higher payband and my basic pay is £3500 pm, so i can't see a Cpl being on more than that.

Unfortunately i wouldn't get offered redundency, only 17 months to push, only 3 WO1 in my trade gp and one of those slots is gapped.
 
#4
Drifter21; wouldn't be too sure about not getting the big offer. I know it's the Silver Service but the last round of redundancy saw my boss put in for it. He had 3 months to push but got it. So my advice is get it in if you possibly can.
 
#5
Norfolk

Oh aye :)

trouble is, the next crop of pot WO1's in my trade aren't elligble for promotion until Apr 2012, so at present i can't be replaced, although that traffic cone is moving closer to my desk each day.
 
#6
I spent a good thirty minutes trying make sense of the DIN (a good effort on my side may i add) and after i read the preious posts i am more confused!!!!!

There was a mention of 1.5 months pay for every year served ? which would equate to a full screw level 7... who has served for 18 years....

£3600.00 + 1800.00 = £5400.00

£5400.00 x 18 = £97200.00

Far too good to be true !

but however the goverment would save a fair deal in money for wages over the next four years for people who did "cash in" i suppose.

no doubt every AGC wallah will be getting an abundance of bone questions tommorow & thousands of fat pads wives will be relishing the thought of new high heels and ron hills for christmas!
It also goes on to say that redundees who have served 18 years or more will get an Immedate Pension and that their Special Capital Payment will be restricted to a max of 9 months pay. Tax free of course
 
#8
The DIN isn't that clear - has anyone invented a whizzy calculator yet, that can work out just how much you'd get at a point in time? A bit like the pension calculator.
 
E

EScotia

Guest
#9
Read Statutory instrument 2010 No 832 for the likely direction for redundancy money. Surprise, surprise it won't be anything like you think and was put in place earlier this year by the outgoing government. You can google it, as I did then read it & weep!
 
#11
I spent a good thirty minutes trying make sense of the DIN (a good effort on my side may i add) and after i read the preious posts i am more confused!!!!!

There was a mention of 1.5 months pay for every year served ? which would equate to a full screw level 7... who has served for 18 years....

£3600.00 + 1800.00 = £5400.00

£5400.00 x 18 = £97200.00

Far too good to be true !

but however the goverment would save a fair deal in money for wages over the next four years for people who did "cash in" i suppose.

no doubt every AGC wallah will be getting an abundance of bone questions tommorow & thousands of fat pads wives will be relishing the thought of new high heels and ron hills for christmas!
It's not 1.5 x time served............It's 1.5 x time left.
 
#12
It's not 1.5 x time served............It's 1.5 x time left.
So what's all this about:

Those who, had they completed their current commission/engagement, would have left the Services with an immediate pension on exit, but their redundancy exit date prevents them qualifying for such an award:

1.5 Months’ Salary for each year of Redundancy Reckonable Service
?

I wish they'd put in in plain bloody English.
 
#13
dec and jans pathfinders (i think) have a load of stuff in on this very subject.
 
#17
Well, I was looking forward to a hoofin' payout but I guess the pension will be a better option in the long run.
well to put it in perspective, your hoofin' payout was only going to be worth about 1 lump sum and no more than 4 years pension.... ie gone in 3 years. The IP is the gift that keeps giving.
 
#19
i don't actually know anyone who has been able to make sense of the DIN's - i've even tried REME, Air Corps, RLC and Signals - nobody knows!

WTF is it actually saying?!
 
#20
i don't actually know anyone who has been able to make sense of the DIN's - i've even tried REME, Air Corps, RLC and Signals - nobody knows!
Try and find a RAF Chief Clerk, they've had a "clear & concise" brief on it and received briefing packs.

As to the amount on offer, my oppos wife (funnily enough a RAF clerk Flt Sgt) who has qualified for promotion to WO and done 20yrs has been 'offered' a 6 figure sum (although bear in mind she can serve to 55), her explanation on the calculation said all figures were based on pre-tax earnings and had a mysterious X-Factor based on time in rank, likely promotion prospects, other people in trade asking for redundancy etc etc i.e. a bit of a made up fudge factor to allow for all the different career paths/experience.
 
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