The rights and resources you have when you lose a job – Is personal Loan an Option?

by Thomas Lamay

If you lose your job, do you know what rights and resources you have access to? Of course, you do not want to worry about it all the time, but if you’re working right now, it’s worth planning for the “worst case” so you know what to do if it happens.

If you have already lost your job, you must know your rights to move forward.

Here’s what you should know about losing your job.

 

Your employer may owe you money

money

If you lose a job, you may be entitled to several types of remuneration. Consider first the severance pay your employer will have to give you in case of layoff. Then he could also offer you compensation for dismissal, considered a penalty, because he fired you without notice. Finally, depending on your employment contract, the employer may owe you vacation days or unused sick leave. These unpaid benefits should be paid to you in one go after your departure.

 

Your employer declares bankruptcy

Your employer declares bankruptcy

The employer simply withdraws from business or declares bankruptcy. These are the most common reasons for losing your job. If this happens, you may wait a long time before receiving compensation. You can then consult the Wage Earner Protection Program which will allow you to obtain the promised wages for the days already worked, for terminations of employment or departure and others. If you meet certain conditions, you will obtain with this program the amount due to you.

 

What to get from your employer?

What to get from your employer?

If your layoff is due to a lack of work, you will be eligible for employment insurance. However, you will be asked for the record of employment of your last employer. To speed up the process, request this form as soon as you are informed of your dismissal.

 

Part-time work

Some people prefer a part-time job instead of not working at all. This allows them to bridge the gap until they find a new full-time job. You should be aware, however, that such positions may affect your eligibility for Employment Insurance (although you can earn some benefits even if you work part-time). However, your best strategy may be in the emergency fund you have saved.

 

Cover expenses

Cover expenses

If you find another job, you may need money to cover your expenses until you get back on your feet. A personal loan online could be the best option in this scenario. You may have trouble getting a standard loan, but once you have received your first salary from your new job, you can apply for an online loan and put your life back on track without having to wait for more paychecks. .