If you have already lost your job, then you should know what your rights are so that you can move forward.
Here is what you should know about losing your job.
Your employer may owe you money
You may be entitled to several different types of compensation if you lose your job. The first is severance pay. This is money that your employer may owe you if you lose your job through no fault of your own (if you are laid off, for example). If you are fired or laid off without notice, you may be entitled to termination pay. This is a kind of penalty that the employer must pay for terminating your employment without notice. Finally, depending on your employment agreement, you may be owed for vacation days or sick days that you did not take. These unpaid benefits should be paid in one lump sum after you are terminated.
What if your employer goes out of business?
One of the most common reasons for lost jobs is that the employer simply goes out of business or declares bankruptcy. If this happens, it may take a long time to get any money that you are owed. The Wage Earner Protection Program can ensure that you get the benefits that you were promised (salary for days already worked, owed termination or severance pay, any other benefits). You must meet certain conditions, but this program can ensure that you get exactly what you are owed.
What to get from your employer
If you are laid off or otherwise let go through no fault of your own, you may be eligible for Employment Insurance. In order to apply, you need a record of employment from your last employer. To get the process started quickly, you should request this record as soon as you are notified of your termination.
Part time employment
Some people might decide that part time employment is better than being totally unemployed. This could be a way to bridge the gap between full time jobs. If you have money saved up for such emergencies, this could be your best strategy. However, such jobs could affect your eligibility for Employment Insurance (though you may still get some benefits even if you are working part time).
If you find another job, you may still need some money to cover expenses until you get back on your feet. An online personal loan could be the best option in this scenario. You may have a hard time getting a standard loan, but once you have received your first pay from your new job, you can apply for an online loan and get your life back on track without having to wait for more pay checks.