can I just ask - you say you are entitled to 40k redundancy - is this before or after tax ? My understanding is that on your 1st redundancy you can get 30k tax free with the rest subject to tax...
I wasn't referring to the redundancy element; I was pointing out that there MAY be a question about leaving the job voluntarily without 'just cause' which could result in a disqualification. This from the website:You won't be disqualified from job seekers for any period as you're redundancy is under 50K
Hi All
I'm hoping I can get some advice if possible
At the moment i'm drowning in debt & the company I work for is offering voluntary redundancy.
I owe
20000 to to the bank (pay 501 a month)
4000 to the credit union (pay 200 a month)
300 to a HP company (pay 50 euro a month)
8000 on a credit card (Pay 200 a month)
2000 euro to family (pay nothing at moment)
550 rent (paid monthly)
I earn 1800 a month and really cannot survive ive already missed a few payments and i am worried about my credit rating.
If I was to be accepted for VR i would get around 40000 euro , i'm thinking i should take it and clean the slate , I could try and get a new job as soon as possible but would not have to worry about taking a pay decrease etc because my outgoings would be minimal.
My mind is saying I would be mad not to go for it but a lot of me is thinking about the uncertainty around getting another job..
any advice would be appreciated.. I know I would be left with not much to play around with but im thinking a clean slate would give me more satisfaction than my current job.
Many thanks for reading
I think you are confusing the UK system with the Irish system.
In Ireland, the statutory element of a redundancy payment is tax free. After that, the ex-gratia element (of any termination payment) is taxable except for:
the basic exemption (which is €10,160 + 765 for every FULL year of service with that employer) or
the increased exemption (which is the basic exemption + €10k - the current value of any tax free lump sum from the pension from that job) or
the amount calculated by the SCSB.
The increased exemption can only be claimed every 10 years.
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