I'm looking to clarify the rules on Long Service Leave (LSL) in Victoria, plus advice on how to financially consider it for a career decision.
I've been with one company for over 6 years. I have approx 9 months to go before I've worked 7 years and eligible for LSL.
Based on Victoria government website, I'm eligible for LSL post 7 years. This appears the case even if I resign. Is my interpretation of these laws accurate? There haven't been any changes to rules i missed?
If the above is true, I tried doing a back of the envelope calculations on the trade-off on staying vs leaving the company. Let's assume a current salary of $100k.
Stay: LSL entitlement
=> 7 yrs x 52 weeks = 364 weeks
=> 364/60 = 6.01 weeks of LSL
=> 6.01 x 100k/52 = 11.5k
Go: Join new company
Expected external salary $120k
=> (120k - 100k)/12 x 8 months* = 13.3k
* Using lower estimate assuming it takes a month to find a new role.
Seems to be to join a new company. I've not factored getting a better role internally or taxes. Happy to be corrected or new views added?