Voluntary layoff

[maface]

The company I work for is having a "Voluntary separation" I have a week left to make a decision to take it or not. It would be a eight month package. The cons: no more job(in the current economy not sure how easy it would be to find another making close) job is five minutes from my house, There is a chance I would be laid off in a year or so anyway without a good package
Pros: haven't moved in current position for 3 years, if I found a job I would have that salary plus my severance, some time off would be nice(take some courses etc)

PS job is in IT

Advice? I'm going crazy I keep going back and forth in my mind

Thanks

[Droppyale]

I say take the package....

I have a friend who had the same dilema... he chose to stay, only to get layed off 7 months later... no package.

[DoubleK]

Why do people fear change? Sounds like your not happy in your current capacity anyways. Are your skills marketable enough and is the area allready saturated with people that can perform the same duties as you cheaper? Yes? Stay in your current capacity.

[M_Six]

maface, I left Massachusetts for Illinois about 18 months ago and have never looked back. Out here you can buy a REALLY nice house for $175 - $200k. Try that in Mass. There are some decent IT jobs here at the University of Illinois. What are your quals?

[NeoStarO1]

Are you saying the "volunteer layoff" is going to last 8 months then you will have your job back?

My concern is with the "volunteer layoff" is your ability to get unemployment while you are trying to find work.

rules of unemployment is that you need to either be Fired or layed off from work. Can not collect if you had quit, Im wondering what the rules are for "volunteer layoff" Seems to me, if I was in your shoes i'd want more information on this. perhaps something in writing from the bosses.

[osprey4]

Maface, the other consideration is unemployment payment. Over a period of several months, this can add up to a considerable sum of money, enough to tide you over a few more months if needed.

Ask your employer or the state unemployment office. Would you be eligible and are you entitled to collect while still receiving severance?

I know the answer in Pennsylvania is yes for both questions (I went through this ten years ago). Being offered a severance package is equivalent to being let go. And you can start collecting even if the company pays severance.

[mad1]

If you decide to take the package,

Make sure full health coverage is part of this 8 months and a option to buy Cobra or some other type of coverage. The health benefits are worth alot of money, you may not need them but if you do it will save you.

[maface]

Thanks all for replies,

Neo,
No job if I take the package cannot even try to get a job there again until 2005.

osprey4,
Thats an issue I would not get unemployment.

Mad1,
I would get health insurance for the 8 months.

M_Six,

My friend was in Chicago for a year came back here now wants to go back again. You are right about housing here I don't think I will ever own my own house here

[M_Six]

Check out some jobs here. Just use the pulldown and select a campus. Don't bother with the keyword search. Most jobs posted here are IT anyway.

Check out realtor.com and look at the Urbana/Champaign area. Note how many of the home prices start with a 1.