Career Crossroads E-Book

Get organized and make a plan After leaving a job, many tasks need to be accomplished in a short amount of time. From severance and unemployment documents to applications and resumes, you may feel flooded by paperwork. Even highly organized individuals can have a difficult time staying on top of everything during this stressful time. Get organized, make a plan, and take it one step at a time. Day one The first day of unemployment can

It may also include: n  Commission, bonus, and deferred compensation payments n  Rights under any pension, profit sharing, or 401(k) plan n  Stock option statement and exercise schedule n  Loan repayment terms n  Provisions of any corporate benefits continuation While not required by law, companies often offer severance packages to employees who have been let go due to a corporate downsizing or restructuring effort, but not to employees who have been terminated for cause or performance issues. Every employer has their own policy regarding severance packages. The human resources department at your former company can provide details about their specific policy and your eligibility.

mark the beginning of a difficult chapter, and figuring out what task to tackle first can be overwhelming. Many experts recommend allocating the first day of your career transition as a day to just think and be good to yourself. This can be a stressful phase, so it is important to give yourself a set period of time to absorb your situation. Taking the opportunity to reflect on your job loss will help you come to terms with your emotions and put you into a positive, productive frame of mind to begin your job search. Review your severance package A severance package is pay and benefits that you may receive when your employment is terminated. It acknowledges your hard work, and helps you pay your expenses while you search for a new job. A severance package generally includes your remaining pay, an additional payment based on your length of service, and payment for unused vacation or sick time.

Typically, if you receive severance payments in the form of salary continuation, and those payments equal or exceed your previous weekly wage, it will qualify as income. As a result, you may be ineligible for unemployment

benefits until your salary continuation payments end.

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