Your State of Mind
- While it feels very personal, it is more likely that the company is reducing its expenses to survive. It is natural to feel angry or despondent about losing your job.
- Begin to focus on your own best interest - Income. Discard any ideas you might have about getting revenge. For your own good mental health, turn the corner as quickly as possible and move on.
Checklist of Things You Need to Do:
- Promptly turn in any company property you have in your
possession, such as cell phones, beepers, laptops, printers, modems, tools, etc. Insist on a signed receipt when each equipment item is turned over that indicates you no longer have the item
- If you have an expense account or you have any outstanding business expenses or travel claims, turn them in to collect on the money the company owes you
- Find out exactly how much vacation time you have on the books. Some companies show it on the pay stub. Most companies will pay you for any unused vacation.
- Focus on asking the HR manager if your benefits (health benefits in particular) can be extended. Remember that until the layoff occurred you were an employee in good standing. You did nothing wrong.
- Ask if you can take your severance payment as a normal salary paycheck rather than a lump sum payment. Salary continuation lets you answer a qualified "yes" when asked if you're still employed.
- Immediately set appointments for checkups and tend to any dental or medical issues while you're still covered by your insurance
- Don't let your health coverage expire. The federal COBRA law, which gives you access to your ex-employer's group insurance plan after you leave the company, may be the best insurance bridge until your next job with health coverage. However....you must pay the premiums right on time, and the insurance will evaporate if your ex-employer goes out of business or drops its group health coverage.
- Claim your unemployment benefit payments. When you file for unemployment payments, you're making an insurance claim, not asking for a handout. If you do collect, the payments may only replace a small portion of your salary, but they're still worth the trouble of doing the paperwork. U.S. Dept of Labor Fact Sheet>>
- If your employer disappears from the face of the earth, who will produce your W-2 report of wage income? Maybe no one. If you haven't received the form by mid-February, contact the IRS to request a substitute W-2. Keep your pay stub as you will be asked to produce your final paycheck of the tax year.
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