47, preparing for retirement.

[TomEdison]

Just to note ... I don't think that dependent relative relief will impact/eliminate any Capital Acquisitions Tax/Gift Tax . . . I believe that it only relates to an eventual CGT liability that might arise on an eventual sale of the property?

Yes, but theObserver is asking about the CGT liability.

 

[_OkGo_]

If I am impacted I can expect a redundancy payout of €25kish for 19.5 years of service

This seems low for a US multinational. It is the statutory minimum of €600 x (19.5x2 +1)

It would be very unusual that a US multinational would only give this as redundancy. I would expect that the minimum would be 2 wks/yr of actual salary. Or more typically it would be 3-6wks/yr.

Do you know anyone in the most recent layoffs that could give you an indication of what it is likely to be?

 

[joe sod]

Well, why didn’t bonds hedge against the 2020 fall in the stock market?

High inflation is toxic to both bonds and equities so the ability of bonds to hedge equities depends on inflation being at a reasonable level.

Don't agree with this explanation, there was no real inflation in early 2020 at the start of the covid crises when the markets crashed. Inflation only became a factor in 2021 and 2022 and was largely sparked by the covid lockdowns cutting productive capacity but storing up demand.
The world's central banks cut interest rates in late March 2020 because the bond markets began crashing aswell. That was what really worried them , people were not rushing to the supposed safety of bonds like they did after the dot com and financial crashes of 2001 and 2008 .
Why was this no longer the case ?
That's not a simple issue but probably the era of negative interest rates and quantitative easing after the financial crash caused the size of the global bond markets to increase massively. So probably investors were not so happy to hold so much money in bonds due to the fact thst central banks were already large holders of government bonds themselves throughout the decade of quantitative easing so they would also need to sell those bonds back onto the markets which is what happened actually.

 

[theObserver]

This seems low for a US multinational. It is the statutory minimum of €600 x (19.5x2 +1)

It would be very unusual that a US multinational would only give this as redundancy. I would expect that the minimum would be 2 wks/yr of actual salary. Or more typically it would be 3-6wks/yr.

Do you know anyone in the most recent layoffs that could give you an indication of what it is likely to be?

They conducted RIFs for the last few years and paid out the legal minimum unfortunately. People in the States only received severance on the condition of signing a NDA. The new trick of these corporations is selling off entire business units, including the staff and contracting them back from the new company to avoid paying redundency. If you refuse the new contract, then its considered a resignation. The new company can then make you redundant without a large payout as you are a recent joiner, but most people I know in that situation left themsevles because their working conditions and benefits became worse in almost every way. I'm not sure how this is legal but it appearnly is providing your work location does not change.

 

[ClubMan]

If you refuse the new contract, then its considered a resignation. The new company can then make you redundant without a large payout as you are a recent joiner

That may work in the US but I'm not sure that it would necessarily cut the mustard with Irish/EU employment legislation. TUPE etc.

Transfer of business (TUPE)

Find out how your rights are protected if your employer's business is transferred to a new owner.

www.citizensinformation.ie

 

[_OkGo_]

They conducted RIFs for the last few years and paid out the legal minimum unfortunately

That's disappointing. One of the few "perks" of working for a multinational is the package is usually good when redundancies happen .

The job market is pretty harsh at the moment with wages dropping as the available talent pool increases and everyone feels the sword of Damocles dangling over their heads. If I am impacted I can expect a redundancy payout of €25kish for 19.5 years of service

Knowing this, I wouldn't hang around for a €25k payout. If you were getting 4 weeks/yr and a >€100k payout then it might be worth hanging in there to see what happens.

Might be worth exploring your options while you are still in control of the situation even if it means taking a paycut

 

[BIG-notorious]

Income and expenditure
Annual gross income from employment or profession: 77k

With respect, €77k doesn't sound like a massive wage to be dealing with job insecurity and rapidly deteriorating terms and conditions and a 5% chance of getting sacked ever year which is probably adding up to a 50-50 chance of having a job in a few years time.

More stability for less money may be a better choice, especially as (according to what I've heard on the grapevine) ageism is sufficiently rampant in some sectors that getting dumped in your late 40s/early 50s may well mean that you can never get a job in that industry again.

 

[theObserver]

With respect, €77k doesn't sound like a massive wage to be dealing with job insecurity and rapidly deteriorating terms and conditions and a 5% chance of getting sacked ever year which is probably adding up to a 50-50 chance of having a job in a few years time.

That was my thinking too. I updated my CV, joined Linkedin, created a network, practiced for interviews ... and realized my heart just wasn't in it. The average modern interview process in my field is four to five rounds and resembles an entire university course exam covering generic material I havent thought about since the 90s.

But I hit a personal milestone of 200k in my investments a few weeks ago and my goal is 280k (after tax) or ten years of funding on a budget of 28k per year. If nothing changes, I might hit that goal in three more years. So I decided to roll the dice on surviving a little longer.

More stability for less money may be a better choice, especially as (according to what I've heard on the grapevine) ageism is sufficiently rampant in some sectors that getting dumped in your late 40s/early 50s may well mean that you can never get a job in that industry again.

Sadly true. Most people I work with are in their 20's; there's very few people in their 50's and I can't think of one in their 60's aside from very senior level management.

As an aside, the media claim the current round of mass layoffs are due to AI, but I think it's because of Elon Musk. Musk opened a lot of CEOs eyes when he fired 75% of the Twitter staff and life went on as normal without them. I also think a number of corporations have seen their organic growth slowing so they are instead cutting to met their commitments to their shareholders.

 

[theObserver]

That's disappointing. One of the few "perks" of working for a multinational is the package is usually good when redundancies happen .

Agreed. Until recently we could expect an above average package. I think they realized this only encourges people like me to stick around.