Retrenched? What to do.
Here are some helpful tips.
Retrenchment is a difficult process wherever it takes place. The socio-economic conditions we currently have in South Africa make the threat of retrenchment a particular reality for many workers.Retrenchment affects workers financially, mentally, emotionally and physically.Remember to keep your emotions in check. This process is very stressful for everyone involved, but it is always important to maintain a professional demeaner.
Manage your finances & avoid unnecessary expenses.
Budget for the months ahead and include the whole family. Claim UIF, if you contributed. Check that you are using the cheapest bank account available and try to reduce bank costs. Seek labour advice regarding severance and notice pay, commission, bonuses, and overtime. Lastly, make sure you get all the money owed to you by your employer.
Check retrenchment cover & claim credit Insurances.
If you have credit life insurance, claim from that insurance. Credit life insurance will usually cover up to six months. Make contact with your creditors immediately. Let your credits know about your new financial reality as soon as it happens.Do not be tempted to spend your retrenchment package or use it to pay off major debt. Draw up a budget to make sure how long your funds will last.
While you are at home, keep busy & look for a new job.
If you can, make something that you can sell or deliver to make sure that you don’t waste time just sitting at home. Be sure of how much time you have available to find a proper job. Put your CV together – This is the perfect time to act and update your CV and apply for jobs.