What is your plan if you had to be retrenched or out of income for a long time amidst Covid-19?

Mortymoose

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May 26, 2013
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I was talking to my Uncle in Victoria State,Aus yesterday on the electric telephone..... He needs to move to his farm outside of the town before full lockdown comes into force over there, but is scared to leave his house, he reckons crime has surged in Australia since the virus arrived...
 

geezer

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May 12, 2006
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2,790
If I am retrenched, I will take an early pension. I am 57 and have been with the company for almost 37 years. If they pay out a week's salary for each year of service, that will be another 8-9 month's salary and accrued leave is another ±40 days. If they want me to leave immediately without working a month notice, that would be another month's salary. My pension should be enough to sustain us, but a couple of cuts will have to be made, such as eg. cell-phone contracts that will be moved to prepaid once they expire.
 

*SynergyX*

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Sep 30, 2009
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2,407
Not a dig at you but nobody plans for a pandemic. It's generally a good idea to have at least 3m to 6m salary in the bank.
I wonder how many people are driving around in fancy cars, sporting high fashion and iPhone Pro Max's (or whatever they're called) but have less than 3m salary saved. I'm guessing loads.
Two of my close friends earn good salaries are are already in serious kak not even one month in.
On the other hand in SA, the majority earn minimum wages and are already living month to month.

yeah no worries i agree, but problem is alot of the 3-6 month salaries are s tied up in unit trusts/ stocks ---> which are gone down the loo. remember every institution has been telling ppl to invest for years

lot off people dont hoard cash unfortunately.
 
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