What Should I Do If I Receive A Layoff Notice From My Job

Unfortunately, in these economic times the number of people facing this dilemma of becoming unemployed is continuing to grow significantly each and every day. This seems to be our current climate due to the condition of our economy.

It is important that we prepare ourselves just in case this becomes a reality to us. It is unclear how much time it will take for our overall economy to rebound. At the current time the process appears to be slow, so you may want to consider taking a proactive approach to make the best of this situation whether or not you are impacted directly or indirectly. You ask, what should you do if you have received a lay off notification from your job or maybe your employer is anticipating laying you off in the future? You may want to consider some of these tips to assist you along the way:

Tip One:

Obtain information concerning your health insurance from your employer if you have a health care plan. You will probably want to know how long your current health care benefits will last and if you may be able to use COBRA(Consolidated Omnibus Budget Reconciliation Act) after your health care plan has terminated via your employer.

Tip Two:

Secure as much information as you can on your 401K plan or other retirement information.

Tip Three:

Find out if your disability insurance and life insurance policies are moveable. Meaning, are you able to take these policies with you when you leave your employer. If you find either one or both of these policies are portable, you may want to consider keeping one or both of these policies.

It may be difficult for you to secure these policies on your own and could be more expensive if your health condition has changed since you initially began working for your employer.

Tip Four:

Obtain information on how much comp time and vacation you may have with your employer. If there are any discrepancies concerning your vacation or comp time available you will hopefully be able to get this worked out with your employer as soon as possible.

Tip Five:

Obtain information on unemployment benefits that may be available to you. See if you can have your job assist you with obtaining the information you will need to file your unemployment claim.

The majority of people do not want to be laid off from their employer. However, you want to prepare yourself for what you will need financially to sustain yourself and your family while you are unemployed.