Being told that you no longer have a job is a very stressful event. Although every situation is different, it is never easy. Perhaps your situation was like mine, the writing was on the wall and I suspected it in advance, however it was still a challenge dealing with it when it happened. For others the notification of their retrenchment is a total shock.
The first few days you will probably be running on adrenalin. That's a good thing because you have a bit to do in that time to make sure you receive your full entitlements. This is the time when facts are important. Immediately seek information from the authorities on what your entitlements should be. Don't just blindly accept what your employer hands you in that envelope.
The award, agreement, contract you have been employed under should cover what redundancy entitlements are offered. If you are not already aware of your conditions of employment, your first port of call is the Australian Government's Workplace Authority website or you can phone their Workplace Info Line on 1300 363 264.
Redundancy payouts vary depending on how long you have worked for the company, how old you are, and so on. Again, the conditions of your award/contract will state these details.
To help you financially survive while finding a new job, the Australian Government doesn't tax a certain amount of your redundancy payment. For the 2008-09 financial year the tax-free amount is $7,350 plus $3,676 for each completed year of service. Make sure the pay officer explains your final payout in detail.
I would highly recommend that you check with the Australian Tax Office or your accountant to make sure your final payout was taxed correctly.
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4 comments:
Lay-offs are horrifying. Surviving them is a lesson on doing with less!
interesting to see how your government handles these scenarious, its never a pleasant journey to be laid off :(
The economy is pretty bad here in the USA as well. Richard from Amish Stories.
I enjoy reading your blog for its insights into Australian economics/politics. Things are getting ugly here in the States, with reactionary conservatives taking the line that unemployed people should be denied benefits because it will provide them an incentive to work cheap.
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