supersunbird
Honorary Master
So say your most of your division (75%) has been section 197'd over to a new employer because they were giving support to that employer and the support contract ended and that employer is taking them to do the support internally.
Now you are giving support to another company mostly and wont be going over and you know your companies support contract with that other company is ending Dec' 2014 and its 50% that it wont be renewed, how do you spend 2014 preparing?
Possibilities/thoughts/considering:
- Have retrenchment cover that will pay 75% of income for up to 6 months.
- Theres UIF but I think I calculated that will pay R4800pm and I don't know how long.
- Have to choose a new medical scheme anyway, going to choose something without savings plan so I can get my current R8000 out (see, I hardly ever use it currently) and it will be a plan where I save R700pm to what I am paying now.
- Wait till retrenched (instead of finding a new job during the next year) so you can get a retrenchment package based on being at the company at 6.7 years at that stage?
- Cancel as many monthly debit orders (MTN contract R299 is expiring Feb for example, wont renew anyway, TopTV removed my fav channel, I should have dropped them already lol) as possible.
- Then saving/investing as much of those savings from medical aid and debit orders and similar as possible, already saving 10% of income currently.
- Investment properties costs is 90% covered by rental.
- Sell second paid-for vehicle end of next year, should be enough to settle my 40% of my newer vehicles costs and use other savings and retrenchment payout settle the rest of the newer vehicle.
- Try to do any training the company will pay for (you get 15 days training leave).
- Use your 20 days annual leave to do other training you might want to.
Any other ideas or thoughts on how to prepare?
The contract might be renewed or we might get merged with another support division during the year since we would be over resourced for this contract, if that happens then I'd just take it as a benefit that I have so much savings and can pay off the newer car anyway.
Now you are giving support to another company mostly and wont be going over and you know your companies support contract with that other company is ending Dec' 2014 and its 50% that it wont be renewed, how do you spend 2014 preparing?
Possibilities/thoughts/considering:
- Have retrenchment cover that will pay 75% of income for up to 6 months.
- Theres UIF but I think I calculated that will pay R4800pm and I don't know how long.
- Have to choose a new medical scheme anyway, going to choose something without savings plan so I can get my current R8000 out (see, I hardly ever use it currently) and it will be a plan where I save R700pm to what I am paying now.
- Wait till retrenched (instead of finding a new job during the next year) so you can get a retrenchment package based on being at the company at 6.7 years at that stage?
- Cancel as many monthly debit orders (MTN contract R299 is expiring Feb for example, wont renew anyway, TopTV removed my fav channel, I should have dropped them already lol) as possible.
- Then saving/investing as much of those savings from medical aid and debit orders and similar as possible, already saving 10% of income currently.
- Investment properties costs is 90% covered by rental.
- Sell second paid-for vehicle end of next year, should be enough to settle my 40% of my newer vehicles costs and use other savings and retrenchment payout settle the rest of the newer vehicle.
- Try to do any training the company will pay for (you get 15 days training leave).
- Use your 20 days annual leave to do other training you might want to.
Any other ideas or thoughts on how to prepare?
The contract might be renewed or we might get merged with another support division during the year since we would be over resourced for this contract, if that happens then I'd just take it as a benefit that I have so much savings and can pay off the newer car anyway.