Qantas Voluntary Redundancy – Top Ten Tips

From our QF Redundancy experience over the past 16 years, these are our 10 Top Tips for Qantas staff when considering if a Voluntary Redundancy (VR) is right for you:

1. Your preference – to take or not to take that is the question! Are you mentally ready to disconnect from QF? Do you have a plan for the next chapter? Staff that leave Qantas employment prematurely often struggle with moving forward even if they are financially sound.
2. Your Age – age impacts the tax treatment of the redundancy payment and also the opportunity for future employment prospects.
3. The numbers – do the numbers stack up for you? Are you financially ready to depart Qantas? This part needs professional advice to run the numbers and ask further important questions.
4. Timing your exit – if departure flexibility is available in your department, there may be tax and other benefits available by timing your departure date.
5. Cashflow Planning – If you plan to continue working, assume the worst case scenario. Plan how long your redundancy money can last and make spending adjustments accordingly until new employment is found.  Centrelink provides assistance if you are seeking new employment. Generally income support is not available for a certain period after receiving a redundancy payment. This link will help you understand what Centrelink has on offer for you on retrenchment and redundancy.
6. Retirement planning – if you are considering taking the package and moving into permanent retirement there are some key financial planning considerations here to go through with a professional adviser to ensure your income seamlessly continues.  Financial advice is critical if you are considering retirement.
7. Check the numbers – ensure the final redundancy statement and tax withheld is correct and corresponds to payments made into your bank account.
8. Redirect any payroll auto deductions to credit card or your bank account. Complete your exit interview with Qantas. Consider your options with your super now that you are no longer an employee of Qantas. Take a photo of your Qantas ID before handing in for interline travel purposes. Check on your staff travel entitlements. Consider whether you would like a retiree Qantas ID for future travel discounts.
9. Celebrate your decision – if, after extensive consideration, you decide to take the VR, celebrate the end of an era and the beginning of your new life’s chapter with colleagues and friends. The exit interview day with Qantas is a perfect day to get together with others after you hand in your ID, uniform and depart Qantas for the last time. There is actually a huge psychological benefit in taking this step
10. Don’t do this alone – taking a VR package is a huge decision both financially and mentally. Having someone trusted, skilled and experienced to talk through questions and concerns you have is critical and worth the time and effort.  Get good sleep, keep exercising and above all don’t let this stress you out.  Everything can be worked out.

Compulsory Redundancy

If you are facing a compulsory redundancy (CR) you will not have the opportunity to be in control of the decisions and this makes the process much harder for you to get your head wrapped around. A trusted advice partner becomes extremely important in this case to map things out for you and to guide you gently into your next chapter of life which has been forced upon you abruptly.  You can and you will thrive if you make good, considered decisions. It’s not the end of the world even though it feels like it might be! It’s just a process so again it’s critical not to let this stress you out.

Read Chrysalis Director Phil Windsor’s own journey from Qantas to Chrysalis story in our company news section. Phil is proof that a redundancy can open new doors as he shares his heart for helping deliver the best outcome for others facing redundancy.