Should I Jump Ship Now?

[newbie99]

My project comes to an end due to budget cut at my work place. I have not been assigned to any new work. If there is no work I can't book my time to anything. My resource manager haven't offered me any job to do at the moment. In order to protect my interest I have been looking for other jobs in other departments.
I have made an appointment to see one of the manager in another department for a possible job. However, this job is a few steps back in terms of career progression. If it was offered should I take it if the pay is the same, so effectively no loss of benefits.
I have also talked to another senior management and advised me not to jump ship. He said the company is under restructuring but can't tell me what it is.
And I don't know how long I can wait for any work. Do I go on garden leave?

When am I will be classified as made redundant?

[thugulike]

You don't say how long you have been employed at that company so I can't say whether you will be eligible for redundancy. If you jump ship you will not get JSA for a long time. Better to stay and hope. Take anything you are offered and look for alternative work. Always easier to find a job when you are employed. If the company want you to go on garden leave they will tell you. Redundancy process will take a while as they have to consult. Make sure you have instructions from your manager about what you are expected to do when you have no work, preferably in writing.

[factor-fiction]

The statement that puzzles me is "If there is no work I can't book my time to anything.".
Does this mean you are a contractor of some sort rather than a waged/salaried employee or you are on a zero hours contract??