Posted on . 2 min read
We're in the middle of a global recession. Tech giants like Amazon, Salesforce & Microsoft are laying off 1,000s of employees. 50+ US companies have laid off almost 30K people in 2023 alone. 💼😢
As a wise person said, "Being prepared is half the victory!" This checklist will help you prepare for the worst. 💯✌️
Severance Payment 💰💰 Most employers will pay a few weeks' salary at the time of a layoff. This detail is usually available in the offer letter or HR policy book and will also be included in the severance letter.
Health Insurance - COBRA 🏥🏥
COBRA allows employees and their dependents to continue existing health insurance benefits even after the layoff. You will have to pay the entire premium out of your own pocket, but it would cost less than buying health insurance on your own. Some employers will also pay COBRA premium for a few months as part of the severance package. More information
Switching to Spouse’s Health Insurance 👥
If you and your spouse are on separate health insurance plans, you can get added to your spouse’s health insurance plan after a layoff. You can also change coverage for kids/dependents in the immediate aftermath of a layoff. More information
State Funded Health Insurance 🩺🩺
Some states allow you to apply for state funded health insurance plans. These plans are highly subsidized but the coverage might not be the same as your current plan. More information for California workers
Unemployment Insurance 💵💵
Unemployment Insurance is paid by the state government when someone loses their job. An average person will receive approx $400 - $600 a week for 26 weeks (the amount varies by state). You need to fill out a form on the state government website to receive this payment. More information
Emergency Fund 🆘🆘
Always make sure you have enough funds in your savings account to handle an emergency. You can use Xillion's Emergency fund calculator to calculate how much funds you need for an emergency situation.