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If, during that time, you were deemed no longer “actively at work,” your group life insurance may not pay out any benefits to your family. Unfortunately, this isn’t a rare issue.
Life insurance annuity: An annuity is a long-term investment that pays fixed payments on a regular interval, such as monthly or yearly. While this won’t grant you access to the entire amount ...
Whether expected or not, getting laid off from a job can be a panic-inducing moment. It can mean very different things depending on your situation, like whether you will receive a severance ...
Payment for unused accrued PTO vacation time, holiday pay or sick leave unless the employee is picked up by the new buyer wherein all benefits become the responsibility of the new employer. COBRA insurance, or healthcare benefits through a certain period of time. A payment in lieu of a required notice period. Retirement accounts; Stock options
A less severe form of involuntary termination is often referred to as a layoff (also redundancy or being made redundant in British English). A layoff is usually not strictly related to personal performance but instead due to economic cycles or the company's need to restructure itself, the firm itself going out of business, or a change in the function of the employer (for example, a certain ...
An employer who violates WARN provisions is liable to each employee for an amount equal to back pay and benefits for the period of the violation, up to 60 days. The liability may be reduced by the period of any notice that was given and any voluntary payments that the employer made to the employee, sometimes referred to as "pay in lieu of notice."
Getting laid off is a significant life change and will come with emotional and financial obstacles. Talking to a trusted person or a professional helps you process and plan your next move.
Mass layoffs have been making headlines recently -- notably those in the tech industry -- but other sectors such as financial and media are also being hit. Next: Suze Orman's Top 26 Tips That Will...