PV,
you've raised more questions than answers.
Are you single or married; chilidren or none?
How old are you?
Are you licensed or not?
The answers to these questions should at least help you form a plan of what you want to do.
If you are tapped (or decide to go) do you have an alternative? This will depend on your answers to the above questions. Note: there are some who want to go and others who have the attitdude, "Screw 'em. If they want to sack me they can, but I won't make it easy for them'. Do you fall into either category?
Have they offered, and have you thought about redeployment? That used to be an option with a 90 day 'trial'. If it is an option this time around, that may be worth looking at.
Finally it is your decision (unless you are tapped). You can talk to as many friends as you like, but their advice will depend on their own plans - not yours. Likewise union advice will be practical but still your ultimate decision. Forget management or HR unless you are asking your payout figure. They have quotas and want 204 people to go and don't care who - just so long as 204 go.
Edit:
How many years service do you have? This will determine your payout and therefore how long you can afford to be without a source of income.
Last edited by mister hilter; 22nd Nov 2012 at 00:13.