Saving Advice: Lessons learned during a layoff
The Saving Advice blog has a story from Christina Pifer on the lessons she learned when she and her co-workers went through a massive layoff.
While some of the details are common enough for anyone in that situation – sent out the door with no notice and difficulty landing a new job, a couple of things in Christina’s case made the situation even worse:
The last payday came and went. Nobody saw a check for the last week of work. Accrued vacation time payout is merely a fantasy at this point. And that sixty days severance? It may be a long time before we see that, if ever. But the story isn’t over yet. The bankruptcy court has received information about some of the questionable practices that company had engaged in during the past several months. In view of this evidence, there is hope that we will see something. According to the court documents, the company isn’t completely broke. It just has a lot more debt than capital. …
Many of my coworkers participated in our company’s health plan. They scheduled doctor’s appointments while they still had insurance and kept their prescriptions refilled so that they would have a supply when the insurance was canceled. Unfortunately, we found out after the layoff that the company hadn’t paid its premiums and the workers had really been without insurance for several weeks, even though they were still employed and the premiums were still being taken from their paychecks.