Retrenched - Now what??

Frankie23

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Jan 22, 2013
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This might become a guide, or at least offer a few tips, to someone that lands in the unfortunate position of losing their job.

In this day and age, retrenchment and job loss is a reality. One can never (and should never!) take one's job for granted as it can be taken away in an instant.

Consider this:

The news hit you like a freight train. You've just heard that you will be retrenched in two months' time.

You have a family that depend on your income, you have a bond/rent to pay, water & lights, car/s that need to be paid, medical aid, insurance, groceries that need to be bought, a cellphone contract to be paid, a contract or two that cannot be cancelled mid-term, a short-term loan that needs to be paid, the list goes on and on.

Not everyone is in the fortunate position to have 6 months' worth of salary stashed away in case of emergency, and you cannot afford not to be generating an income.

The bit of money you might draw from you company provident fund won't last long and you most likely have no other source of income. Finding a new job doesn't happen overnight and the pressure of your bank account nose-diving with no new money coming in, can be enough to make grown men break down.

What is the next step? Where does one start? Who do you turn to? How do you get back on track?
 
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satanboy

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I feel your pain...been close 3 times.

BUT the company I currently work for loves doing this in December...go figure..."here's your xmas present"
 

Hosehead

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It's happening quite a bit. Loads of people are taking knocks. Look, First rule. don't panic. and second rule is keep positive- don't let the negativity spread to the wife and kids. Get ready to get that CV out and in the meantime start noting where you can get extra income sources from- Extended family loans possibly ,what can you sell that you don't need as in its a luxury as opposed to a necessity. Spread the word among your contacts that your'e back in the market. It can happen to the best of us and will happen to many more so chin up mate and formulate your plan. And get ready to renegotiate with the banks.Everything is negotiable. For example you can get a payment holiday on your house bond while you look for work. It's not easy but pesevere. and good luck.
 
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supersunbird

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Oct 1, 2005
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60,152
Preventative steps:

Retrenchment cover - normally pays 75% of gross salary. Mine is with frank.net, cover doesn't increase annually even though the premiums do, will pay for up to six months, 3 months waiting period when signing up. Not expensive at all in my eyes.

Lessen contracts and debt as much a possible - I have a cellphone contract but when it expires in Feb next year I will go prepaid only. All other services can be stopped at will. Nothing I cant stop except homeloan.

Technically you probably pay UIF but that has a upper limit (you contributions to it also has a cap) but it can provide some additional Rs.

EDIT:
I am not sure OP lost his job, more a what if scenario he is putting up. Might be wrong though. My post is for others to prepare. I was lucky enough to have time to prepare for something that didn't eventually happen (but it still could I guess).
 
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PsyWulf

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Phone your debt providers and tell them immediately,work out a payment plan if needed with small installments till you are working
 

Frankie23

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EDIT:
I am not sure OP lost his job, more a what if scenario he is putting up. Might be wrong though. My post is for others to prepare. I was lucky enough to have time to prepare for something that didn't eventually happen (but it still could I guess).

Haven't lost my job so this thread is more of a "what if".

As mentioned, lots of people find themselves in this position almost daily, and I for one have no idea where to turn for advice if something like this had to hit me.

I'm hoping our MyBB members can offer advice and tips on how to deal with retrenchment, or even offer real life stories and experiences if this happened to them, as well as advice on how to cope and get yourself back on track after such an experience.

PS. Talk around my office is that something "might" be coming down the line, so who knows - I might be calling on this thread soon to get advice for myself.
 

Sinbad

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Jun 5, 2006
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Don't resign. You'll lose out on severance packages if you do. Make sure the employer follows all the section 189 processes properly.
 

Dolby

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Is it even possible to freeze insurance policies on things that aren't yours .... Ie a financed car, which is most folk? I'm doubt it?
 

Sinbad

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You can probably freeze rA contributions and the like but no pay premium, no short term insurance.
 

NomNom

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Oct 23, 2009
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I feel your pain...been close 3 times.

BUT the company I currently work for loves doing this in December...go figure..."here's your xmas present"

Yeah strangely they LOVE doing this in New Zealand also.
 

Hemi300c

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Dec 15, 2009
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Should be an absolute last resort. Losing your car to theft or accident without being insured, and being responsible for someone else's damage will break you

I think he is referring to life insurance.
 

azbob

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Nov 18, 2008
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Does an un-renewed contract qualify as retrenchment?
 

scud

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Sep 1, 2005
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When things get a bit hectic, increase your exercise / fitness level. It helps you think clearly, and objectively.
 

Skywalker42

Senior Member
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Jul 28, 2010
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I think he is referring to life insurance.
Yes.

1.
Another unforeseen problem that can pop up: If you are renting a house and alter a few months you decide to move to cheaper housing you will realise that you don't have the necessary paperwork, 3 months payslips, etc. My advice is to move to cheaper housing immediately after retrenchment while you can still produce payslips, bank account etc.
If it is an option.

2.
Sell all the junk you accumulated over the years.
 
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