Just got retrenched ):

How long have you been with the company? I've been with mine over 10 years and was wondering how retrenchments work in terms of pay x number of years etc?
 
I got 3 weeks pay plus one months notice pay...it was enough to keep me going for 3months...the plus side I enjoy the world cup
The downside...it took 8agencies to find me 3 interviews...got 2 job offers out of 3

And it kinda worked out...but I stressed my ass in the end...I've got a big bond with no savings...so was tough...I had fam on my side just incase...

Oh I was working there for 3yrs...1weeks pay per year...
I also had leave due to me with helped loads...12days

But yeah...u know u good...n u know your worth...that confidence any1 will see n snap u up..

So apply apply apply...for anything n everything
 
The legal minimum is one week per completed year - but companies typically pay two weeks per completed year.
 
Jola said:
The legal minimum is one week per completed year - but companies typically pay two weeks per completed year.
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So in my case, having worked 10 years would mean, best case would be 20 weeks of pay? And that's based on the salary you're earning at the time?
 
Fudzy said:
So in my case, having worked 10 years would mean, best case would be 20 weeks of pay? And that's based on the salary you're earning at the time?
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I won't say best case. This would prob be the worst case scenario.
 
Fudzy said:
And tax? Can you take the money in instalments or is it a lump sum?
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Depends, the company will normally give you an option lump sum or instalments.
You have 1 tax benefit on your retirement fund if you are retrenched, you can only use it once in your life no matter how many times you get retrenched. There is a lower tax rate for retrenchments I'm pretty sure of that. I paid very little and I'm even getting a crap load back from SARS too tthis year. Just waiting for the bloody audit again.
 
I was on leave last week, got back on Tuesday to be told that my position has been made redundant. A new position that replaces 3 of us has been created, and we will need to apply for the position. If we are unsuccessful, we may be offered other "lesser" positions ( there are 11 redundancies in my dept alone, of which mine is the most senior). If we do not wish to apply for this alternative position, then we will be offered a retrenchment package of 1 weeks severance per year worked.
 
Tosser said:
I was on leave last week, got back on Tuesday to be told that my position has been made redundant. A new position that replaces 3 of us has been created, and we will need to apply for the position. If we are unsuccessful, we may be offered other "lesser" positions ( there are 11 redundancies in my dept alone, of which mine is the most senior). If we do not wish to apply for this alternative position, then we will be offered a retrenchment package of 1 weeks severance per year worked.
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geez thats a tuff one. good luck. that sux...
 
Here's something important you must do NOW if you have any clothing, furniture, car accounts....

Get your retrenchment letter from your boss NOW & take it to each relevant place. Then fax to their head offices also. Part of your monthly payments cover an insurance that will cover your debt with them in full. But is only valid if the payments are up to date.

i dont recommending this with your bank accounts. As they will get closed.

Best of luck.
 
ChilliGirl said:
Here's something important you must do NOW if you have any clothing, furniture, car accounts....

Get your retrenchment letter from your boss NOW & take it to each relevant place. Then fax to their head offices also. Part of your monthly payments cover an insurance that will cover your debt with them in full. But is only valid if the payments are up to date.

Best of luck.
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Retrenchment insurance is optional is most cases isn't it?
 
BobsLawnService said:
Hi, I'm in Cape Town.

Those folkd who have been retrenched, how did you manage to stay afloat?
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I had about 3 months x my salary in savings, which was supposed to be for a deposit on our first house. Its going to take me more than 3 years to build up a small deposit from scratch.

Being at home unemployed is a b*tch. You end up spending unnecessary money because you're bored.
 
Fudzy,

if you have an Edgards account there would be a small nominal amount added every month. part of that is meant to cover that insurance. this insurance is meant for both your & their peace of mind. so they add it. most places dont tell people they are paying this insurance. read the fine print it is normally listed there.
this insurance ensures that your debt gets paid & that the company you owe the money too can get their money without any hassles.

very few companies that sell on credit ask you if you want it, most just add it. & with what we see happen around us or to us (in some cases) the R5-R15 per month is well spent, i think.

even your bond is covered in this way IF you have taken you life insurance directly from the bank. if you did not ceed a policy to the bank it forms part of that fee they add monthly.
 
marco79 said:
I had about 3 months x my salary in savings, which was supposed to be for a deposit on our first house. Its going to take me more than 3 years to build up a small deposit from scratch.

Being at home unemployed is a b*tch. You end up spending unnecessary money because you're bored.
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Agree, but at least when I'm employable I get things done around the house: fix that broken light after 3yrs; clean the garage after 5yrs of saying "next weekend"; visit family; etc
 
Fudzy said:
So in my case, having worked 10 years would mean, best case would be 20 weeks of pay? And that's based on the salary you're earning at the time?
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Yes, I don't believe that many companies will pay more than two weeks per completed year. But try to negotiate more, maybe you get lucky !
 
Fudzy said:
How long have you been with the company? I've been with mine over 10 years and was wondering how retrenchments work in terms of pay x number of years etc?
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Usually its last-in first-out. Some companies have volentary retrenchments before selecting candidates for retrenchment. If you sure you can find another decent paying job, then why not?
 
Jola said:
Yes, I don't believe that many companies will pay more than two weeks per completed year. But try to negotiate more, maybe you get lucky !
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Were offered 1 week per year, which is the legal minimum :mad:
 
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