#CareerAdvice #WorkLifeBalance #PensionPlan
Hey everyone! 💼💭 Is a 40k pay cut worth it? 🤔 Let’s dive into this dilemma together!
So, I’m currently facing a tough decision. I have a great paying job that I love, but there’s uncertainty about the company’s future. On the other hand, I have an offer for a government role with a significant pay cut, but it comes with benefits and a pension plan.
Here are some key points to consider:
– The government job offers stability and a defined benefit pension plan 📈
– The WFH situation is a bit unclear and might cause some logistical issues 🏠🐶
– Moving closer to the city might be more challenging with a lower salary 🌆💸
Do you think I should take the government job despite the pay cut? How important is the WFH component to you in your decision-making process? 🤷♂️
One possible solution could be negotiating with the government role for a flexible WFH arrangement or exploring potential alternative solutions for the logistical challenges.
What do you guys think? Let’s discuss! 💬🤓
What’s your current pay? 100k to 60k is a big cut, while 300k to 260 Isa lot less
not a chance for me, personally
When I calculate it out- my defined benefit pension is worth about $30,000/year so that’s definitely a consideration if your plan to stay long term
Make sure your emergency fund can cover 6 months ( or more) and stay with the job as you seem to like it. I’ve worked in startups where the company has money for 9 months then a new round etc we went for 8 years like that and in my case it worked out and got bought by a big multinational with benefits RRSPs, medical coverage etc. I enjoyed the work but I planned for the unexpected
Keep at current job but save more money in case of downsizing. You should be looking at more comparable jobs that pay the same with similar benefits (e.g. WFH). It’s not time to downgrade yet.
May be worth noting, with the Federal PSHCP. You only need to put in 6 years to get permanent benefits when you retire.
Benefits and DB pension make up for the pay cut, probably has more time off as well? Sounds like overall compensation is equivalent. How much WFH matters is deeply personal. I personally wouldn’t ever entertain a WFH job
>The WFH is vague and creates some minor complications for me in terms of finding coverage for my dogs, among other things. I will be in office 5 days a week for the entire 6 month probation period and then afterwards it is at the discretion of my boss.
You better get some serious clarity on this, because to me this sounds like you’ll end up in office basically permanently 5 days a week.
The stability of a government role and a pension plan is good, but maybe not THAT good, especially if you like your current job. I’d probably take the role if I had to swallow just one of the paycut or the full-time in office. Both…. ehhhh….
I guess my questions are 1) what is your commute like and 2) do you have any further clarity on when/why you cannot avail of the 2 day WFH for extended periods? I’m in a similar situation where I’m mostly WFH but have about a week a month where I am onsite most days with an external party that flies in. In my eyes that’s reasonable, but if it was a situation where I came onsite for what felt like an excuse to gradually get us into the office more often I’d probably balk at it.
Something to consider is many Boomers are retiring and taking pentions, this means they may change the age you can take pention down the road and the amount you will get for the duration you pay in to it. I just did this exact thing. Only a 20k paycut and I’m feeling it atm. Canada’s sort of in a shit place right now.
JMO: If you’re working in Gov’t in Canada, forget WFH. TBS has already made it abundantly clear they are governed by, and answer to too many backwards thinking folks in the electorate and in every level of government to take all the wins that offers.
If you want to make WFH a thing, you have to have it in your contract, and you need to nail it down. For what it’s worth, (and as a career federal PS I hate saying it) be prepared for your employer to ignore that part of the contract as soon as it suits them, with some other get-out-of-jail-free clause.
The Federal IT groups that pretty universally never have to be in the office for anything are being ordered back to work even when there isn’t enough room for them, and it has a lot of departmental and agency heads and deputies PISSED OFF about it.
Depends also if you want time off. If a shutdown/ layoff is a option and your not a contractor you could always take a vacation if you get layed off.
Don’t do it