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Voluntary Exit Program (VEP)
Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Bigchick wrote:At 50 take your money and go.Look for another job even if its paying less.Meanwhile learn or start something new to push you past retirement.
Take your PF and fix it where it earn you 10% and above.
A company that is going through VER has no room for guys who are 50years. Asante.. I hadn't even finished with the problems; (i) The 50% salary was supposed to be deferred till things get better this ended in Dec 2020 which itself is an illegality. So going forward salary will be between 50 - 70% depending on the financial health of the firm and zero deferred pay. (ii) No payment towards PF. (iii) Workload is almost the same. possunt quia posse videntur
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Rank: Member Joined: 1/15/2015 Posts: 681 Location: Kenya
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maka wrote:Bigchick wrote:At 50 take your money and go.Look for another job even if its paying less.Meanwhile learn or start something new to push you past retirement.
Take your PF and fix it where it earn you 10% and above.
A company that is going through VER has no room for guys who are 50years. Asante.. I hadn't even finished with the problems; (i) The 50% salary was supposed to be deferred till things get better this ended in Dec 2020 which itself is an illegality. So going forward salary will be between 50 - 70% depending on the financial health of the firm and zero deferred pay. (ii) No payment towards PF. (iii) Workload is almost the same. Keep the job for the time being as we watch what will happen to the economy. Things might get very tough in the next 2-3years. Within that time, you can keep your eyes open for a side hustle and use the time to do serious market research. 50% salo is better than what I've seen people go through in the last couple of months. P.S. keep the whole PF as retirement security as @AA says. Use the other incomes for the plots and mjengo....
60% Learning, 30% synthesizing, 10% Debating
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Thitifini wrote:maka wrote:Bigchick wrote:At 50 take your money and go.Look for another job even if its paying less.Meanwhile learn or start something new to push you past retirement.
Take your PF and fix it where it earn you 10% and above.
A company that is going through VER has no room for guys who are 50years. Asante.. I hadn't even finished with the problems; (i) The 50% salary was supposed to be deferred till things get better this ended in Dec 2020 which itself is an illegality. So going forward salary will be between 50 - 70% depending on the financial health of the firm and zero deferred pay. (ii) No payment towards PF. (iii) Workload is almost the same. Keep the job for the time being as we watch what will happen to the economy. Things might get very tough in the next 2-3years. Within that time, you can keep your eyes open for a side hustle and use the time to do serious market research. 50% salo is better than what I've seen people go through in the last couple of months. P.S. keep the whole PF as retirement security as @AA says. Use the other incomes for the plots and mjengo.... Agreed. This corona thing has wrecked havoc in most industries. Business opportunities are like buses,there's always another one coming
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Rank: Elder Joined: 12/7/2012 Posts: 11,936
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KulaRaha wrote:Thitifini wrote:maka wrote:Bigchick wrote:At 50 take your money and go.Look for another job even if its paying less.Meanwhile learn or start something new to push you past retirement.
Take your PF and fix it where it earn you 10% and above.
A company that is going through VER has no room for guys who are 50years. Asante.. I hadn't even finished with the problems; (i) The 50% salary was supposed to be deferred till things get better this ended in Dec 2020 which itself is an illegality. So going forward salary will be between 50 - 70% depending on the financial health of the firm and zero deferred pay. (ii) No payment towards PF. (iii) Workload is almost the same. Keep the job for the time being as we watch what will happen to the economy. Things might get very tough in the next 2-3years. Within that time, you can keep your eyes open for a side hustle and use the time to do serious market research. 50% salo is better than what I've seen people go through in the last couple of months. P.S. keep the whole PF as retirement security as @AA says. Use the other incomes for the plots and mjengo.... Agreed. This corona thing has wrecked havoc in most industries. The employer here is definitely KQ, and we all know how it is going to end in another 2/3 years for this individual; retrenchment. Take the money. Utajipanga!!! In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Angelica _ann wrote:KulaRaha wrote:Thitifini wrote:maka wrote:Bigchick wrote:At 50 take your money and go.Look for another job even if its paying less.Meanwhile learn or start something new to push you past retirement.
Take your PF and fix it where it earn you 10% and above.
A company that is going through VER has no room for guys who are 50years. Asante.. I hadn't even finished with the problems; (i) The 50% salary was supposed to be deferred till things get better this ended in Dec 2020 which itself is an illegality. So going forward salary will be between 50 - 70% depending on the financial health of the firm and zero deferred pay. (ii) No payment towards PF. (iii) Workload is almost the same. Keep the job for the time being as we watch what will happen to the economy. Things might get very tough in the next 2-3years. Within that time, you can keep your eyes open for a side hustle and use the time to do serious market research. 50% salo is better than what I've seen people go through in the last couple of months. P.S. keep the whole PF as retirement security as @AA says. Use the other incomes for the plots and mjengo.... Agreed. This corona thing has wrecked havoc in most industries. The employer here is definitely KQ, and we all know how it is going to end in another 2/3 years for this individual; retrenchment. Take the money. Utajipanga!!! If he is retrenched, he will still get paid. Business opportunities are like buses,there's always another one coming
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Rank: Elder Joined: 2/8/2013 Posts: 4,068 Location: At Large.
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KulaRaha wrote:Angelica _ann wrote:KulaRaha wrote:Thitifini wrote:maka wrote:Bigchick wrote:At 50 take your money and go.Look for another job even if its paying less.Meanwhile learn or start something new to push you past retirement.
Take your PF and fix it where it earn you 10% and above.
A company that is going through VER has no room for guys who are 50years. Asante.. I hadn't even finished with the problems; (i) The 50% salary was supposed to be deferred till things get better this ended in Dec 2020 which itself is an illegality. So going forward salary will be between 50 - 70% depending on the financial health of the firm and zero deferred pay. (ii) No payment towards PF. (iii) Workload is almost the same. Keep the job for the time being as we watch what will happen to the economy. Things might get very tough in the next 2-3years. Within that time, you can keep your eyes open for a side hustle and use the time to do serious market research. 50% salo is better than what I've seen people go through in the last couple of months. P.S. keep the whole PF as retirement security as @AA says. Use the other incomes for the plots and mjengo.... Agreed. This corona thing has wrecked havoc in most industries. The employer here is definitely KQ, and we all know how it is going to end in another 2/3 years for this individual; retrenchment. Take the money. Utajipanga!!! If he is retrenched, he will still get paid. Retrentchment or redundancy terms are not good compared to VER. There is also an emotional cost to it.It will only be human to ask why me and not the other.....then it will slowly dawn on you that beyond the company woes you are among the "old and tired" they want to get rid off.New employers will always check on reason for leaving last employer and retrenchment will not be a plus for you. I still insist you leave now with the VER with your spirits high. Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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maka wrote: Good morning fellow Wazuans It has been ages since I made a post here I hope everyone is ok. I need your help on this one  Someone is considering taking VER. This is the status of the said person; (1) Turns 50 in March this year thus can drawdown 100% of their PF. Total sum net of tax 13,500,000. (2) offer given by the company comes to another 4,400,000. (3) Has one sacco loan of 600,000. (4) No mortgage, no kids (zero school fees). (5) Lives in a rental house (30K rent) ... Has a house near Nairobi that is liveable and can be moved into at anytime. The person can also farm vegetables on the parcel of 2.5 acres. (6) Owns 2 acres of land valued at 6m, and another 1/8th valued at 800k thereabout. (7) Has fixed income securities that generate 112,000 PA. This is till 2023 when the principal amount will be reimbursed. (8) In terms of work there is very little room for upward progress in the next 10 years although it is 2 positions away from Director level ( a lot of corporate politics is in play here so this might ever happen). Should the said person keep working or take the offer. Asanteni Since the 4.4 M covers 27.5 months, this translates to a monthly salary of Kes 160,000(gross/net?) Also, how much do you have in savings bank and sacco? However, I would exit and focus on either of the three approaches 1. Takes @maka's advice by drawing down the PF 13.5M and buy bonds. Assuming a return of 9%. This would yield kes 1,215,000 p.a+112,000=1,327,000 which translates to a monthly income of Kes 110,583. The difference between your current pay and estimated income would come to kes 50K which can be offset off by moving to you own house(saving 30K) and the savings accruing from work related expenses(fuel, lunch etc) and use the remaining 4.4M for first year living expenses(which would be less considering your can grow some of your own food) and utilise teh remaining for any other investment opportunity that might arise. Continue servicing the sacco loan from your income 2. Depending with the location of your livable house, draw down the PF, pay sacco loan(200K-assumption is that you took x3 of your deposits) and consider putting up rentals pole pole. 3. Assuming your land is not strategic for rentals, sell the land(both 1/8 and 2.5 acres) and find a strategic plot for rentals(Kes 4-6M will do) and use the funds from PF, company offer to slowly build rentals. Any savings from the land sale should be used to cover the 1st year living expenses If Obiero did it, Who Am I?
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Swenani wrote:maka wrote: Good morning fellow Wazuans It has been ages since I made a post here I hope everyone is ok. I need your help on this one Someone is considering taking VER. This is the status of the said person; (1) Turns 50 in March this year thus can drawdown 100% of their PF. Total sum net of tax 13,500,000. (2) offer given by the company comes to another 4,400,000. (3) Has one sacco loan of 600,000. (4) No mortgage, no kids (zero school fees). (5) Lives in a rental house (30K rent) ... Has a house near Nairobi that is liveable and can be moved into at anytime. The person can also farm vegetables on the parcel of 2.5 acres. (6) Owns 2 acres of land valued at 6m, and another 1/8th valued at 800k thereabout. (7) Has fixed income securities that generate 112,000 PA. This is till 2023 when the principal amount will be reimbursed. (8) In terms of work there is very little room for upward progress in the next 10 years although it is 2 positions away from Director level ( a lot of corporate politics is in play here so this might ever happen). Should the said person keep working or take the offer. Asanteni Since the 4.4 M covers 27.5 months, this translates to a monthly salary of Kes 160,000(gross/net?) Also, how much do you have in savings bank and sacco? However, I would exit and focus on either of the three approaches 1. Takes @maka's advice by drawing down the PF 13.5M and buy bonds. Assuming a return of 9%. This would yield kes 1,215,000 p.a+112,000=1,327,000 which translates to a monthly income of Kes 110,583. The difference between your current pay and estimated income would come to kes 50K which can be offset off by moving to you own house(saving 30K) and the savings accruing from work related expenses(fuel, lunch etc) and use the remaining 4.4M for first year living expenses(which would be less considering your can grow some of your own food) and utilise teh remaining for any other investment opportunity that might arise. Continue servicing the sacco loan from your income 2. Depending with the location of your livable house, draw down the PF, pay sacco loan(200K-assumption is that you took x3 of your deposits) and consider putting up rentals pole pole. 3. Assuming your land is not strategic for rentals, sell the land(both 1/8 and 2.5 acres) and find a strategic plot for rentals(Kes 4-6M will do) and use the funds from PF, company offer to slowly build rentals. Any savings from the land sale should be used to cover the 1st year living expenses Thanks for this... The figure for bonds is actually a bit low, this months IFB will come in at around 12.20 - 12.50 net... Taking a value of 12% net that changes the calculation to 144,333 adding the other cash in Bonds. Thanks once again. possunt quia posse videntur
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Rank: Elder Joined: 12/7/2012 Posts: 11,936
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maka wrote:Swenani wrote:maka wrote: Good morning fellow Wazuans It has been ages since I made a post here I hope everyone is ok. I need your help on this one Someone is considering taking VER. This is the status of the said person; (1) Turns 50 in March this year thus can drawdown 100% of their PF. Total sum net of tax 13,500,000. (2) offer given by the company comes to another 4,400,000. (3) Has one sacco loan of 600,000. (4) No mortgage, no kids (zero school fees). (5) Lives in a rental house (30K rent) ... Has a house near Nairobi that is liveable and can be moved into at anytime. The person can also farm vegetables on the parcel of 2.5 acres. (6) Owns 2 acres of land valued at 6m, and another 1/8th valued at 800k thereabout. (7) Has fixed income securities that generate 112,000 PA. This is till 2023 when the principal amount will be reimbursed. (8) In terms of work there is very little room for upward progress in the next 10 years although it is 2 positions away from Director level ( a lot of corporate politics is in play here so this might ever happen). Should the said person keep working or take the offer. Asanteni Since the 4.4 M covers 27.5 months, this translates to a monthly salary of Kes 160,000(gross/net?) Also, how much do you have in savings bank and sacco? However, I would exit and focus on either of the three approaches 1. Takes @maka's advice by drawing down the PF 13.5M and buy bonds. Assuming a return of 9%. This would yield kes 1,215,000 p.a+112,000=1,327,000 which translates to a monthly income of Kes 110,583. The difference between your current pay and estimated income would come to kes 50K which can be offset off by moving to you own house(saving 30K) and the savings accruing from work related expenses(fuel, lunch etc) and use the remaining 4.4M for first year living expenses(which would be less considering your can grow some of your own food) and utilise teh remaining for any other investment opportunity that might arise. Continue servicing the sacco loan from your income 2. Depending with the location of your livable house, draw down the PF, pay sacco loan(200K-assumption is that you took x3 of your deposits) and consider putting up rentals pole pole. 3. Assuming your land is not strategic for rentals, sell the land(both 1/8 and 2.5 acres) and find a strategic plot for rentals(Kes 4-6M will do) and use the funds from PF, company offer to slowly build rentals. Any savings from the land sale should be used to cover the 1st year living expenses Thanks for this... The figure for bonds is actually a bit low, this months IFB will come in at around 12.20 - 12.50 net... Taking a value of 12% net that changes the calculation to 144,333 adding the other cash in Bonds. Thanks once again. Please include 10% tithe!!! In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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 Angelica _ann wrote:maka wrote:Swenani wrote:maka wrote: Good morning fellow Wazuans It has been ages since I made a post here I hope everyone is ok. I need your help on this one Someone is considering taking VER. This is the status of the said person; (1) Turns 50 in March this year thus can drawdown 100% of their PF. Total sum net of tax 13,500,000. (2) offer given by the company comes to another 4,400,000. (3) Has one sacco loan of 600,000. (4) No mortgage, no kids (zero school fees). (5) Lives in a rental house (30K rent) ... Has a house near Nairobi that is liveable and can be moved into at anytime. The person can also farm vegetables on the parcel of 2.5 acres. (6) Owns 2 acres of land valued at 6m, and another 1/8th valued at 800k thereabout. (7) Has fixed income securities that generate 112,000 PA. This is till 2023 when the principal amount will be reimbursed. (8) In terms of work there is very little room for upward progress in the next 10 years although it is 2 positions away from Director level ( a lot of corporate politics is in play here so this might ever happen). Should the said person keep working or take the offer. Asanteni Since the 4.4 M covers 27.5 months, this translates to a monthly salary of Kes 160,000(gross/net?) Also, how much do you have in savings bank and sacco? However, I would exit and focus on either of the three approaches 1. Takes @maka's advice by drawing down the PF 13.5M and buy bonds. Assuming a return of 9%. This would yield kes 1,215,000 p.a+112,000=1,327,000 which translates to a monthly income of Kes 110,583. The difference between your current pay and estimated income would come to kes 50K which can be offset off by moving to you own house(saving 30K) and the savings accruing from work related expenses(fuel, lunch etc) and use the remaining 4.4M for first year living expenses(which would be less considering your can grow some of your own food) and utilise teh remaining for any other investment opportunity that might arise. Continue servicing the sacco loan from your income 2. Depending with the location of your livable house, draw down the PF, pay sacco loan(200K-assumption is that you took x3 of your deposits) and consider putting up rentals pole pole. 3. Assuming your land is not strategic for rentals, sell the land(both 1/8 and 2.5 acres) and find a strategic plot for rentals(Kes 4-6M will do) and use the funds from PF, company offer to slowly build rentals. Any savings from the land sale should be used to cover the 1st year living expenses Thanks for this... The figure for bonds is actually a bit low, this months IFB will come in at around 12.20 - 12.50 net... Taking a value of 12% net that changes the calculation to 144,333 adding the other cash in Bonds. Thanks once again. Please include 10% tithe!!! Message forwarded... possunt quia posse videntur
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