Try not to panic if this happens to you first and foremost! Unfortunately, in these economic times the number of people facing this dilemma of becoming unemployed is continuing to grow significantly. This seems to be the current climate due to the condition of our American economy. We are seeing record numbers of individuals in both blue collar and white collar jobs heading for the unemployment lines. You ask what should you do if you anticipate being layed off of maybe you have received your notice of termination from your employer? You may want to consider some of these tips before you leave your employer:
Secure information concerning your health insurance from your employer. You will want to know how long your current health care benefits will last and when will your COBRA start. COBRA is a continuation of your health care benefits at your expense for a certain period of time and is usually temporary health coverage. Make sure to take the time to discuss this information with your employer, it is very important!
Find out information concerning your pension plan if this benefit is available through your employer. Get the facts on whether or not you are eligible for the pension plan and if so how would this work for you. Secure documentation concerning your pension benefits. It does not matter if you would be able to tap into your pension benefits at the time of your termination from your employer if you are already vested or eligible for the plan. It's just important that you have literature or documentation that provides you with written detail concerning the pension benefits you may qualify for as an employee.
Secure information on your 401K plan or other employee retirement plan information your company provides if you believe you may be eligible. You will want to also obtain documentation or literature concerning this plan information for your records.
Attempt to negotiate with your employer disability and life insurance benefits you currently have. Disability and life insurance is important and in some instances for many people is difficult to secure. It may be easier to negotiate with your employer to keep these benefits and pay if possible, at your employer's group rate which is normally discounted. It is usually more expensive to secure disability and life insurance on your own after you leave your employer. Keep in mind that in most cases, you are now older since arriving at your current employer and your health may have changed as well. As you continue to age, your life insurance and disability insurance increases over time as well.
You will also want to find out how much vacation time you have with your employer. If there are any discrepancies concerning your vacation time available, you will be able to secure clarification of this information before you depart from your employer.
Secure information on unemployment benefits that may be available to you. You will want to discuss this information with your employer and your local unemployment office. This will assist you in knowing the amount of money you will receive while you are unemployed and for how long you will be eligible for this benefit. In addition, you may want to find out if there is unemployment extensions granted if you are not able to secure employment within six months after being layed off.
The majority of employees do not want to be layed off from their place of employment. However, you want to prepare yourself for what you will need financially to sustain yourself and your family while you are unemployed. Make sure to secure the information you need from your employer before you are layed off. It is also important to ask questions and secure answers from your employer on information that you need before you leave your employer. Take the proactive approach and refuse to be reactive to getting the information you need, insist on it!
Nocita Carter is a writer and web designer that creates websites providing informative tips on various subject matter including personal finance tips on your personal finances at http://www.personal-finance-tips-for-you.com ; dating tips at http://www.mydating-tips.com Nocita holds an MBA and MAOM degrees.
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