nazo
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Post by nazo on Oct 5, 2023 11:50:39 GMT
Receiving a static monthly wage isn't the same as compound interest at average market returns over 3 decades. Let’s do some sums. Average UK salary is about £32k. Statutory pension is 8% so a bit over £200 a month. Let’s round up to £250. At the 9% someone mentioned earlier it would compound to about £450k over 30 years. My pension has seen nowhere near that growth in the time I’ve been saving but hey ho, market goes up and down apparently. Obviously it’s well worth doing but anyone on average salary expecting to retire a millionaire is likely to be disappointed.
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Post by Zuluhero on Oct 7, 2023 17:19:26 GMT
Tbh it's really depressing and I really don't get it.
My current pot is at 90k (been paying in what I could pretty much my whole working life), at 44. I'm paying in around £800 a month, my employer does a measly 3%, so maybe a total contribution of £1100(?)
When I look at my forecast, it's not projecting at anywhere near the figures you guys are saying, it says I'll get a salary of around £27k (with no lump sum) only when I retire at 68 (I presume if I keep paying in at the same amount)
I know I'll get state on top, but it all seems a bit pointless really.
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Post by Nitrous on Oct 8, 2023 5:51:39 GMT
I'll have a look at what my pension is looking like soon. In all honesty though it's one of those automatically enrolled pensions and I've never really bothered with it. I pay the minimum in and even if I paid more in my employer won't.
After tax, N.I and pension my take home pay is just 18k a year or £1500p/m. Bills, mortgage overpayment and savings amount to me putting £850 in our joint account. The £650 that's left covers fuel, food and the rare day out. I still have a bit left over each month but other than having the mortgage paid asap I'm still unlikely to retire early if at all.
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askew
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Post by askew on Oct 22, 2023 15:47:47 GMT
Hello, it's me again. I wanted to have another grumble. I was waiting to schedule an interview. The internal recruiter gave me a ring on Wednesday, and left a message asking me to ring back. An hour later I did so and went straight to voicemail: my turn to leave a message. Rang again later that afternoon and after 30 seconds it went to voicemail. Followed up with an email on Thursday, and then another Friday afternoon.
How fucking unprofessional: don't bloody call me and ask me to get back in touch, then proceed to ghost me.
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jono62
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Post by jono62 on Oct 22, 2023 16:35:25 GMT
Hello, it's me again. I wanted to have another grumble. I was waiting to schedule an interview. The internal recruiter gave me a ring on Wednesday, and left a message asking me to ring back. An hour later I did so and went straight to voicemail: my turn to leave a message. Rang again later that afternoon and after 30 seconds it went to voicemail. Followed up with an email on Thursday, and then another Friday afternoon. How fucking unprofessional: don't bloody call me and ask me to get back in touch, then proceed to ghost me. Sounds standard for recruiters tbf. Probably filled the role. Got an interview on Tuesday for the same role I'm doing now but with a salary increase however more travelling. I'm going into it with zero fucks so if I get it, great and if not, not fussed.
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askew
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Post by askew on Oct 25, 2023 17:23:40 GMT
Yes, after all that they did contact me on Monday to let me know I wasn't going forward. Just send me an email in that instance and don't keep me dangling for several days.
On the other hand, hopefully, maybe, finally close to closing on something, though I've just found out about their plans to RTO. Not particularly flexible - can only have one (1) consecutive day at home. We'll see.
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Post by Nanocrystal on Oct 31, 2023 2:19:03 GMT
New round of layoffs incoming at my workplace, and I've just been personally invited to speak to our director in advance of the consultation. Let's GOOOO!!!! Edit: They informed me that my name doesn't appear on the new org chart. Yay early retirement! So after the feedback process they have realized I'm actually kind of a big deal and have reversed their decision. Early retirement was just a beautiful dream. Seriously though this past 4 weeks have been awful and I'm pretty depressed at the idea of continuing in this job now. They've absolutely destroyed my motivation. I'm gonna do the absolute bare minimum going forwards.
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dmukgr
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Post by dmukgr on Oct 31, 2023 7:11:29 GMT
I’m still doing pre-consultations and have done a few of those. It can’t be helped as you don’t know everything you need to know about people’s roles and the conversations don’t become meaningful until after the RIF announcement and everyone being brought into the discussions.
I do agree it’s incredibly demotivating though
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Post by Nanocrystal on Oct 31, 2023 7:20:43 GMT
In this case a simple conversation between our director and either me or my boss would have been enough.
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dmukgr
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Post by dmukgr on Oct 31, 2023 7:24:54 GMT
And that’s probably true of others as well in their own situations, so you end up leaking it early which is even more detrimental.
Whatever you do, it’s not great and pisses people off.
Still, look at it as winding down for retirement. Also, if your company wants to save money and it helps you, suggest going on a four day week, or even three. That can work out as a win win and I’m doing a few of those. Once I know my own situation I’m going to possibly suggest that for me too.
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Bongo Heracles
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Post by Bongo Heracles on Oct 31, 2023 8:52:14 GMT
They've absolutely destroyed my motivation. I'm gonna do the absolute bare minimum going forwards. They (badly) rewrote the redundancy policy at our place after this happened to an entire department a few years ago. They wanted a headcount reduction of 100 and did it in such a fuckheaded way they had nearly double that gone by the time the dust settled. By then rumour had got out how things were going so it was impossible to replace them with quality candidates. It took nearly a year to get back to even vaguely normal service.
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myk
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Post by myk on Oct 31, 2023 9:02:02 GMT
What's weird is places seem very reluctant to offer voluntary redundancy first; of course I understand that there's people they'll want to keep, but if those people are thinking of leaving anyway (or would after a redundancy consultation) it's surely better to lose people that want to go rather than get rid of people that want to stay.
Had one person hand in their notice in a team a week after someone that didn't want to leave got made redundant. To say that the lead of that team was annoyed with the individual was an understatement (especially as we were in a hiring freeze).
But it very much seems to depend whether it's rounds of redundancies to satisfy shareholders or 'company will fold next week' ones to satisfy banks and creditors.
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Post by dfunked on Oct 31, 2023 13:40:47 GMT
Can't really blame someone for handing in their notice shortly after a consultation period. I've done the same in the past and would've taken voluntary redundancy if it was an option (I even said as much to my boss), but it wasn't so fuck 'em!
It's pretty obvious that people will start brushing up their CVs and applying elsewhere when redundancy rumours start, so should never be unexpected.
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myk
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Post by myk on Oct 31, 2023 13:48:19 GMT
I'd definitely put more blame on the company, and obviously if it's a month or two later it's fair enough
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Bongo Heracles
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Post by Bongo Heracles on Oct 31, 2023 13:55:56 GMT
My greatest ever work victory was securing another job during the consultancy period and giving the new place a start date of a month after it closed. It was a good feeling to know I was either going to leave the meeting with a lump of cash in my pocket or, at worst, just hand my notice in then and there. They laid me off and I theatrically fist pumped. My boss got so mad he spent the rest of the meeting childishly bad mouthing the place I was moving to.
Tangentially, he is also on 'the list' of people who I would fuck with if I wont the lottery. Like set up a rival company, undercut him and drive him out business. I dont know how people say they would get bored if they were rich.
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Bongo Heracles
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Post by Bongo Heracles on Oct 31, 2023 14:01:52 GMT
But it very much seems to depend whether it's rounds of redundancies to satisfy shareholders or 'company will fold next week' ones to satisfy banks and creditors. This was a 'simplification' project. They wanted to remove an entire management layer so offered middle managers the choice of taking technical tests to get a roughly equivalent technical job, internal redeployment or leave. They completely fucked up the testing so everyone just left. They then tried to dump double digit line reports on the existing technical staff who said 'lol, no' so the senior managers all suddenly had 50 extra people under them. It was an absolute disaster.
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askew
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Post by askew on Nov 2, 2023 15:40:59 GMT
So… I got the offer: nothing signed yet, but contract is in my hands
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askew
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Post by askew on Nov 9, 2023 10:32:11 GMT
What a pain in the arse it is to get the information for a background check. Want details of my employer 8 years ago, but because they've gone under they want proof of start/end dates. Got my P45, but I usually only keep stuff for 6 years… that contract went in the bin as soon as I started the previous gig
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robthehermit
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Post by robthehermit on Nov 23, 2023 14:23:41 GMT
A friend of mine is being made redundant so if anyone needs a blind senior perl programmer let me know.
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askew
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Post by askew on Dec 8, 2023 18:01:28 GMT
First week at the new gaff complete. I am bloody knackered.
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Tomo
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Post by Tomo on Jan 27, 2024 18:48:02 GMT
I turned down at work this week the promotion that I was basically a shoe-in for. Wasn't a straightforward decision as it is a strange feeling turning down a pay rise, but a few days later I already realise it was entirely the correct decision. A small pay bump for a whole heap of extra nonsense, especially as the old boss is somehow staying on 1 day per week, so effectively you'd be his lapdog for a year till he fked off. Totally stupid conceit.
So now I am basically the most senior person around, which is perfect for doing wtf I want (within a few small limits), whilst I upskill and search for a much better job.
Submitted my first application just now which felt great, just to get the ball rolling.
I am a few hundred quid less well off each month than I could have been but feel farrrr more at ease with the situation that otherwise. Thoroughly looking forward to the day I can hand in my notice.
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Post by Wizzard_Ook on Jan 28, 2024 19:27:36 GMT
For this weekend, I can rename this thread the countdown to a new job thread, which I landed on Friday. Hopefully sign the contract tomorrow. Will be working as a Archivist Assistant at Cornish Lithium, photographing old maps (and photos/documents amongst other things), not just for the archive but for the geologist/mining side to use to look for new places to extract lithium using fancy computer programs to reinterpret the data. Pretty stoked. It's my first "professional" job. Has someone who has worked pretty much solely in retail, in various roles, its going to be bit of a shock Id imagine, but at the same time I'm quite excited by it. As an introvert, I found the last few years really difficult and it got to a point where enough was enough. Took me a lot of perservance to get here, but I've done it \o/
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Post by Dougs on Jan 28, 2024 20:55:43 GMT
Excellent news. Hope it goes well for you! Well done for putting yourself out there and persevering!
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Lizard
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Post by Lizard on Jul 2, 2024 21:23:33 GMT
'Affected staff will receive an email at 3pm today'.
Guess how much work I'm getting done today.
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Post by dfunked on Jul 2, 2024 21:24:31 GMT
Fingers crossed for you!
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Post by retro74 on Jul 2, 2024 21:56:46 GMT
'Affected staff will receive an email at 3pm today'. Guess how much work I'm getting done today. Fuck all hopefully
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Post by Zuluhero on Jul 2, 2024 22:35:33 GMT
When I got made unexpectedly redundant a few years ago (company went bust), I actually went back to work, finished what I was doing and saved it before I shut down my computer and left. I think it was shock.
I really hope things are ok for you Lizard!
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Lizard
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Post by Lizard on Jul 3, 2024 1:28:53 GMT
'Affected staff will receive an email at 3pm today'. Guess how much work I'm getting done today. Fuck all hopefully That was the plan, ended up working on some emergency briefing. Not trying to sound like a wanker but this briefing was for the PM. This means I must be important enough to keep my job, right?
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Lizard
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Post by Lizard on Jul 3, 2024 3:35:56 GMT
Thanks for the support all.
Well, 3:30 now and no email. Not out of the woods until the full proposal is unveiled tomorrow afternoon.
Though you'd think upper management would confirm that the emails had been sent, right?
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Post by Dougs on Jul 3, 2024 4:52:38 GMT
Union all the way baby! Fingers crossed for you. Sounds like you could do with a move though..
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