Voluntarily Taking Unpaid Leave

[Scubanewbie]

Work is offering voluntary unpaid time off, my question boils down to should I take it.  Offering is only one whole day per week (not broken up) ongoing with the ability to cancel anytime but needing to cancel after 2 months.

Background, monetarily we're fine.  Husband and myself have been WFH since late March and kids are 5th and 1st grade.  We regularly have a savings rate >50% though mine is the bigger of the two checks.  Candidly I just received a promotion and don't know where to stuff the latest firehose of cash.  My job is safer than many industries in this pandemic though of course nothing is failproof, husband's is also probably pretty safe but they did do a COVID furlough that impacted his dept (just not him).  While taking unpaid time you continue to accumulate vacation time, keep health benefits, bonuses aren't impacted, etc.  Monetarily it's really a no brainer and that's before the fact that I could convince my brain to think of the stimulus check as making up for any shortfall in my check, which I don't even need as I just filled my 401k for the year so my checks are already bigger now than they were last month.

Kids are doing 'ok' with ELearning, though 1st grader is turning into a bit of a bear since we don't normally allow so much screen time.  Would prefer to alternate with other hands-on projects but of course, have to work during the day.  I don't *need* the extra time, I *want* it, which is what has me hesitating. 

Optics wise, I'm mid-level management in a big company and probably still ~5years out from FIRE (though could be considered ultra lean FI already).  They did this one other time during the 2008-2009 great recession and positioned it as a way to help avoid layoffs (their approach this time as well).  That time it was structured differently and I took 2 weeks consecutively and added to my maternity leave.  I was an individual contributor at the time and obviously had just been off 3 months so no one really missed me.

Can I take it?  A lot of me says this is the benefit of FUmoney and living below my means.  But part of me also says it be dumb to risk income and job stability at a time like this.  HELP?!?

[kanga1622]

If it were me, we’d likely take this opportunity for one month. My kids are similar ages and having only 3 days a week where both parents have to WFH would be awesome! That would allow me to help focus on school work and walks on my day off. While DH could focus on yard work and walks on his day off.

[EricEng]

I'd be all over that.  Then again, I went part time a while back dropping 1 day a week anyway.  So same result.  Sounds like you should take it and enjoy the time.

[KarefulKactus15]

I almost started this exact same thread.  Similar story at my employer where they are offering middle management positions to take unpaid time off but keep basics like health insurance etc etc.

HOWEVER - My immediate boss pretty much shut me down with a warning that it would be very hard for him to justify my position (should it come to that) if I'm able to transfer my workload to coworkers for a 1-3 week period.

Honestly if my company hadnt been doing some  shady things in the last month Id probably be out on that leave right now... Benefits of being financially secure. (Nobody else could really even fathom that anyone would want to take unpaid time)


Sucks - I have a ton of projects id like to do.  Time is always worth more than money to me. Ive tried several times to get my company to allow the purchase of vacation time from others.... 


So my answer to my specific situation is that no, even though I wanted to and was still going to do it even after my bosses warning.... I decided not to, more so as a friend, I dont want to put him in a situation where hes got to defend his staff headcount and I've just given ammo to support a reduction.

[KBecks]

That is the issue -- will there still be a job for you to come back to if you take the leave?

[Dicey]

That is the issue -- will there still be a job for you to come back to if you take the leave?

Hmmm, they're restricting it to only one day per week. My hunch is they will still expect you to handle your normal workload. It doesn't seem like taking that offer would put your job at risk. Given your financials, I'd jump on it for as long as I possible could.

@Kroaler it seems like your situation is slightly different. It's not just one day per week Youre talking about, right?

[KarefulKactus15]

Yes my situation is different.  I'd be required to take full weeks at a time. No single days.

[bacchi]

How does this affect unemployment?

If you accept the offer, and the company decides to layoff anyway, can you then apply for unemployment and get the additional weekly stimulus payment?

[Scubanewbie]

Unsure, they said we wouldn't be eligible for UE during the voluntary time off but if they did it later...not sure how it would impact it.  I'm high enough of an earner that I max out state UE even if I only worked half as much or less so I don't think it would.  Plus, I do really think I'm unlikely to be furloughed, we're busier than ever.  Which is more what I'm worried about.  Am I either a) not being a team player since we don't have too many deadline driven have-to-get-done but lots of 'should really get done' or b) likely to still be expected to get the same amount done in less time.  I don't do well with lower quality output so I already put in more time than I should because 'good enough' isn't my MO.