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Saturday, November 14, 2009

Be ready for the worst: What to do when laid off

Hey all-- I'm not really back, but I stumbled across this today and thought it might be useful. But before you read it, here's what Glenn Reynolds (Instapundit) had to say:

Of course, prudent planning starts when you’re not laid off yet, with building up savings, paying down debt, etc. I’m always amazed on these financial call-in shows when people have all kinds of credit lines but no actual money in the bank. Credit is not a substitute for cash.

I couldn't agree more with Glenn. You? It begins (link to full article at Knoxvillbiz.com below):

Here are important things to do if you get a pink slip:

Getting laid off can be so stunning that the tendency is to walk away and say you’ll figure things out on your own. But many companies offer help beyond the basic severance package, such as access to legal counsel or clients and outplacement resources.
Human resources departments sometimes even will negotiate the terms, such as payouts for vacation time, or work with you on legitimate ways to extend your benefits, according to Heather Hammitt of the Illinois State Council of the Society of Human Resource Management.
For example, if you’re dismissed toward the end of the month, you might be allowed to stay on the payroll until the beginning of the next one so you’re covered under the group insurance plan for another month.
“Most organizations know that downsizing isn’t the greatest public relations move,” says Hammitt, who also is head of human resources at a bank in Ottawa, Ill. “So they know that if they help their (laid-off) employees, word will get out in the community.”
Even if you don’t expect to be out of work for long, file for unemployment insurance benefits promptly. The sooner you do so, the sooner you’ll have that extra check to slow the drain on your savings.
To find your local unemployment insurance agency, call the U.S. Labor Department at (877) US2-JOBS or visit the following link: www.servicelocator.org/OWSLinks.asp.
In order to qualify, you must have been laid off, not fired, and have worked for a stipulated minimum amount of time — typically a year and a half. Once you’ve registered, you must show you’re looking for work in order to receive your weekly benefit.

1 comment:

Anonymous said...

Thanks Marica! This is good stuff to know!-Shelly

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