What do you do when you have been laid-off or fired? When you get the unfortunate news that you have lost your job, there are some very important and necessary tasks to tackle. First of all, don’t panic.
Take it step-by-step so you can take care of the basics. This will ensure that you receive your final paycheck, benefits and pension funds, unemployment compensation if you’re eligible, severance pay if your employer provides it, and more.
You also want to make sure you get references from your employer, if possible, so that you are ready to begin your job search. Once you’ve taken care of these matters, you can then prepare to start a job search.
Follow this list to make sure that you have dealt with everything you need to when you’ve been fired or laid off. This will allow you to begin to focus on finding a new job.
How to Handle a Termination
When you’re terminated from employment, it makes a difference whether you are laid-off or fired for cause. If you have been downsized or laid-off for lack of work or any other reason, you’ll be entitled to different benefits than if you were fired.
Severance pay (as well as severance benefits) may be given to employees upon termination of employment. It is usually based on length of employment. If you are laid off from your job or your position is eliminated, the employer may provide severance pay, but this isn’t required.
The Final Paycheck
Before you leave your job, make certain you know when you are receiving your last paycheck, and how it will be delivered to you. In some states, employers are required to pay it immediately. In others, there may be a lag.
You may be entitled to accrued vacation, sick leave, overtime, or back pay when you lose your job.