Voluntary Redundancy Program at work, should I take it?

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Wonderwoman

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Hi, I was hoping for some advice..... There is a Voluntary Redundancy program being offered in my company at the moment. Initially I wasn't interested, as I am the breadwinner in my household, I just didn't think it was a viable option. But ongoing frustration in my job, lack of career progression, no salary increase for a few years and general lack of job satisfaction, I am now seriously considering it.
I work in IT, salary of circa 34k, in the job 8 years. My mobility isnt great as I have no formal qualifications, and would love an opportunity to make a move or career change. I have worked out the package on offer would be worth about €42k to me. Also, I would have at least 6 months til my end date as I wouldn't be let go for that minimum amount of time.
It's all well and good to walk with a cheque for €42k, but what then?
I have no other loans apart from my mortgage. But a husband and 3 kids to think of. Would I be mad to take it, or mad not to? A drop in salary would be fine, or even return to education if I needed, if I have this money to tide me over... The other side of it is that I have been promised a market adjustment on my salary which has been delayed til October while this redundancy program is running. Then should be on 40 to 43k. But this is not guaranteed. I know its ultimately about me wanting to take a risk, but any food for thought would be greatly appreciated.
 
You should at least investigate the possible tax implications. This Revenue guide might help:

[broken link removed]
 
Can you talk to recruitment agencies now before making the choice and see what kind of roles they could put you in? - if they turn around and say it may be difficult for you to get another job then you might want to reconsider.
 
Thanks efm, I might just do that. I can request approval for this program but can still refuse it if/when they offer it. But it would be worth doing some research.
Clubman, thanks for the link, I have done some calculations and reckon my tax bill should be a little under 3k. I pay tax at the 20% rate.
I reckon it breaks down as follows:
Statutory payment: 10,894(used entemp to figure that out)
Company payment: 24,923
plus bonus: 1600
plus 2 months pay in lieu of notice: 4688

My basic exemption works out at 16,280
Statutory payment exempt: 10,894
Total Exempt: €27,174

Taxable payment: 14,951 (which is the total payment 42,125 less 27,174)

Tax owed: €2990.20

This is my first time ever looking at this, so please correct me if I have gone way off the mark.

Thanks again..
 
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