Is a Mid Career Sabbatical a Good Idea
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I would love too. Been working (with no more than 4 months off due to redundancy) since I was 17.
But couldn't afford it! (Wish I saved when I was younger lol)
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Yeah, I'd love to, but I can't afford it and don't have a wife that could support me whilst I messed about "discovering" myself.
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We have a program here were you receive up to 33% less of your regular monthly payment for a period of multiple years. In case of taking a sabbat year you'll receive full payment during that time. So after three years at 66% income or 4 years at 25% or 5 years at 20% and so on.
Sure, you could save up that money on your own, but this is a good thing anyway.
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Not sure I follow. You can have a year off work on full pay?
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@Carnival-Boy Don't know all the financial terms in English,sorry. Your employer is basically holding back some of your money up to the point where 100% of your yearly salary is "stored" at the employes side. So yes, free year with health insurance, social plans and so on.
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That's a good program. I've never heard of anyone in the US doing it.
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Oh, I see. They're holding back your salary then releasing it when you're off. I'd rather have the cash up front. What happens if you don't take any time off?
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@Carnival-Boy said in Is a Mid Career Sabbatical a Good Idea:
Oh, I see. They're holding back your salary then releasing it when you're off. I'd rather have the cash up front. What happens if you don't take any time off?
You'll get it cash
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@Carnival-Boy said in Is a Mid Career Sabbatical a Good Idea:
Oh, I see. They're holding back your salary then releasing it when you're off. I'd rather have the cash up front. What happens if you don't take any time off?
It's really just like an extended vacation plan. If you never take it, the money is yours. You get it when you quit or whatever. This is exactly how vacation / holiday time works. Only that's smaller and always done rather than done optionally (except in the US... where even that isn't done.)
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I like that idea. not sure about the percentages but yeah could live with that knowing I could have a year out with full pay
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@scottalanmiller said in Is a Mid Career Sabbatical a Good Idea:
That's a good program. I've never heard of anyone in the US doing it.
Sad thing: It's specific to the German public sector and a few other sectors with collective agreements (German: Tarifvertrag)
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@thwr said in Is a Mid Career Sabbatical a Good Idea:
@scottalanmiller said in Is a Mid Career Sabbatical a Good Idea:
That's a good program. I've never heard of anyone in the US doing it.
Sad thing: It's specific to the German public sector and a few other sectors with collective agreements (German: Tarifvertrag)
NTG would do it. But it's not the kind of thing that Americans are very interested in. We are so conditioned that even two weeks of vacation is a big deal that taking a year off is mind boggling.
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@hobbit666 said in Is a Mid Career Sabbatical a Good Idea:
I like that idea. not sure about the percentages but yeah could live with that knowing I could have a year out with full pay
Well, it's also possible to save up for 80% within eight years for example. So you'll receive 10% less for eight years and will have 80% of your income during the sabbat year.
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@scottalanmiller said in Is a Mid Career Sabbatical a Good Idea:
@thwr said in Is a Mid Career Sabbatical a Good Idea:
@scottalanmiller said in Is a Mid Career Sabbatical a Good Idea:
That's a good program. I've never heard of anyone in the US doing it.
Sad thing: It's specific to the German public sector and a few other sectors with collective agreements (German: Tarifvertrag)
NTG would do it. But it's not the kind of thing that Americans are very interested in. We are so conditioned that even two weeks of vacation is a big deal that taking a year off is mind boggling.
Yeah, heard that. 30 days for me right now. 24 is the minimum AFAIK.
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One thing I would like to do is have 6 weeks summer holiday when my kids are off and go travelling. But my company doesn't really like anyone taking more than 2 weeks off in a row, and we only have 5 weeks in total for the year.
When I was a kid, my dad was a University lecturer, so had 2 months over summer, and we'd travel round Europe for 4 or 5 weeks every year. Time of my life. Although he seemed to find both the cost and his annoying kids fairly stressful at times....
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I did six weeks around Europe with my kids while at CitiGroup. it was awesome.
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I think I would rather receive full payment and save/invest those funds myself over the 4+ years. I'm more interested in employers that would allow you to take an entire year off and have your job waiting after the fact. Letting my employer keep that portion of my salary is like overpaying your taxes in the attempt to get a larger refund; you're effectively losing income.
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@scottalanmiller said in Is a Mid Career Sabbatical a Good Idea:
@thwr said in Is a Mid Career Sabbatical a Good Idea:
@scottalanmiller said in Is a Mid Career Sabbatical a Good Idea:
That's a good program. I've never heard of anyone in the US doing it.
Sad thing: It's specific to the German public sector and a few other sectors with collective agreements (German: Tarifvertrag)
NTG would do it. But it's not the kind of thing that Americans are very interested in. We are so conditioned that even two weeks of vacation is a big deal that taking a year off is mind boggling.
^ this. 3 weeks a year is for junior positions, extra week for every decade you complete is typical.
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@RamblingBiped said in Is a Mid Career Sabbatical a Good Idea:
I think I would rather receive full payment and save/invest those funds myself over the 4+ years. I'm more interested in employers that would allow you to take an entire year off and have your job waiting after the fact. Letting my employer keep that portion of my salary is like overpaying your taxes in the attempt to get a larger refund; you're effectively losing income.
This is the real problem fr any company. Keeping your job open a year from now. So they have to hire a temp to do your job for a year... That will likely cost them more than just your cost to the company.
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@Dashrender said in Is a Mid Career Sabbatical a Good Idea:
@RamblingBiped said in Is a Mid Career Sabbatical a Good Idea:
I think I would rather receive full payment and save/invest those funds myself over the 4+ years. I'm more interested in employers that would allow you to take an entire year off and have your job waiting after the fact. Letting my employer keep that portion of my salary is like overpaying your taxes in the attempt to get a larger refund; you're effectively losing income.
This is the real problem fr any company. Keeping your job open a year from now. So they have to hire a temp to do your job for a year... That will likely cost them more than just your cost to the company.
Most companies need the capacity to have someone do your job when taking normal vacations anyway. If they can cover one, they can cover the other. Typically. It's a rare company that would not just absorb this. The other option, of course, is you saving up yourself and then quitting. That hurts the company far more, in most cases. Unless they were hoping that you would leave anyway.
I think if this is something that you can't absorb, you have other problems or are a super tiny company of just a few people. And even there, only management or key workers would be truly impactful.
