In these globally bad economic times many people are losing jobs on which
suicides, etc.
But we need not panic, as there are resources we can use for temporary
financial
assistance and for new job search. And family members can be supportive of
each other to unitedly face the challenges.
Also, our prayers recited with faith and devotion do not go unanswered, as
we get moral strength and inspiration that helps us to endure through tough
circumstances and guide us towards opportunities. A Jashan ceremony done at
home can bring family members together in a joint prayer atmosphere. I
myself have experienced more than one layoff during my career and come out
of them to see better times.
If community members know of job openings in their companies or businesses,
I would suggest to them to post them on their local Association websites
with
permission and request to their Association executive committee. And, local
organizations can plan and provide their community members with resources to
help the unemployed persons and their families.
Here (below) is an article that appeared in a recent issue of PARADE
magazine that gives useful information mostly applicable to residents of
USA, and partly to others also.
Readers can share this information with others and especially with people
who are known to have lost their jobs.
Regards,
Maneck Bhujwala
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“5 Steps to Take If You Lose Your Job by Gerri Willis
1. File for Unemployment. If you’re laid off, you automatically qualify
for state unemployment benefits. Payment levels are determined by how much
you made, upto state imposed limits. Typically, you can expect to receive
about $293 a week for 46 weeks. If you live in a state with a high jobless
rate (6% or more) you’ll get 59 weeks.
Filing can be done without leaving the house. Opt to file online if
offered, since phne wait times can be lengthy. In most cases, it takes two
to three weeks after you file to receive you first benefit payment. Some
states require that you wait a week before getting benefits so that the
second week claimed is the first week of benefits. To be eligible, you have
to be unemployed through no fault of your own (you can’t have quit your job
or been fired for misconduct), and you must have worked for a “base period,”
usually four of the last five calendar quarters. Even if you have received
severance, you still may be eligible in some states.
2. Trade down the totem pole.
Snagging a job, even if it’s not your dream position, will allow you to
better weather the economic storm until the job market improves. What’s
more, there is vlue to getting your foot in the door at a company where you
ultimately might want to pursue a long-term career.
3. Get retrained. If your old job was in an industry hit especially hard
by the recession, consider developing a new, more marketable set of skills.
The good news is that retraining is available on any budget.
If you can afford to go back to school, check out community colleges or
technical schools, which generally tailor programs to local industry needs.
For instance, DeVry University, which has 91 locations across 26 states,
interviews employers to determine which skills are in demand. Based on that
information, the school currently is churning out project managers, software
engineers, and computer-systemsexperts.
If paying for retraining is not an option, you’ll find many nonprofits
that offer training services at no cost. Goodwill Industries, for example,
is particularly useful to those who have bee out of work for a long period,
lack education, or are disabled. The charity offers free training in fields
such as IT, health care, retail, and banking.
If you are 55 or older, AARP has job programs for anyone who meets
certain income requirements. It will assess your skills and interests, then
conect you with free training.
4. Fill time gaps in your resume. If you currently are jobless and
worried about the impression that will make on a potential employer, seek
our freelance or consulting work. While not full-time, freelance work allows
you to expand your experience and stay sharp. When revising your resume,
don’t forget to include any volunteer work you might have done. For example,
leading your church’s finance committee is critical experience for a
financial professional- whether you were paid or not. You can list such
efforts in the experience portion of your resume. Also, consider taking a
class that relates to your profession, and list that detail in the education
section of your resume.
5. Find other sources of money. While many states are extending the term
of unemployment benefits, a government check doesn’t pay like a real job.
Indeed, jobless benefits replace only about 35% of lost wages for most
American families. Certainly, this is the time to tap any emergency saving.
If you’re broke, don’t delay – slash expenses and cash out any certificates
of deposit you possess.
You may be tempted to withdraw funds from your 401(k) savings plan. But
be forewarned. If you empty your 401(k) before you turn 591/2, you
immediately lose as much as half in taxes and penalties. Once you’re laid
off, you lose the option of taking a loan or a “hardship withdrawal” from
you r 401(k). Your best option is to roll over the money into an IRA. Once
the money is in an IRA you will be able to tap it without penalty to cover
large medical expenses or pay medical-insurance costs.
For those in their 50s, there is a little-known loophole: The “72(t)”
distributionlets you take funds from your IRA without penalty if you
withdraw money each year for five years or until you are 591/2. But this
should be only a last resort, because it limits the growth of your savings
plan down the road.
For 10 things to know about severance packages, visit Parade.com/jobs”
