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On this week’s Money Mondays with Jini Thornton, we’re talking layoffs, buyouts, and severance packages…in other words—being out of work.
Here are some things to keep in mind if you find your employment in a bind:
- Lay Offs vs. Buyouts: If you are laid off (meaning the elimination of that position due to a company’s lack of money) from a job, you are eligible for unemployment through the government.
- Buyouts and Severances are financial incentive packages offered to encourage employees to leave a job voluntarily. In most states, taking a buyout or severance package makes one ineligible for unemployment.
- If offered a package, consider hiring an employment attorney to review and help you get the most out of your offer.
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We’ve curated three commonly made mistakes, so that you don’t have to repeat them:
- Don’t immediately sign any documents
- Don’t treat your package as a “one size fits all”—consider negotiating asking for your benefits to run longer, asking for more money, or even help finding a new job (if applicable)
- Don’t forget to get your letter of recommendations prior to your last day of work.
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All About Jobs Layoffs, Buyouts & Severance Packages with Money Expert Jini Thornton was originally published on getuperica.com
