Losing your job
Leaving a job can happen in various ways and have different consequences. If you are hired temporarily or decide to resign from your position, the adjustment period is often longer, giving you more time to think about your next steps and prepare for them.
Similarly, unexpectedly losing your job can be a significant shock if it's not what the employee had planned for. Uncertainty and insecurity about the future are often at the forefront of people's minds, and not knowing where future income will come from can cause considerable anxiety and worry.
If you unexpectedly find yourself in a position of losing your job, it's important to remember that you will most likely find another position that suits your education and interests. There are various steps you can take to help yourself get through the gap that may form until you start working at a new place.
1. Check your rights with your departing employer
When facing termination, the first step is to get a clear picture of the situation:
How long is your notice period?
Are you expected to work through your notice period or leave immediately?
How will earned vacation pay and other benefits be handled?
2. Take time to assess the situation
Before rushing ahead, it's good to pause and take stock of your life:
Is this an opportunity to pursue education or enhance your knowledge?
Have you wanted to try running your own business but haven't taken that step until now?
Do you want to change your career path and explore new possibilities?
Or do you want to continue on the same path?
Make a plan for your job search and follow it diligently.
3. Prioritize finances
Besides uncertainty about direction and future employment, finances are often the greatest cause for concern. Set up a plan to bridge the gap until you receive income from a new source:
Be clear about when your final payments will arrive.
If you have savings, make a plan for how you want to use them.
Check your eligibility for unemployment benefits (up to six months).
Consider reducing expenses and limiting consumption for a certain period during the uncertainty.
4. We'll find the solution together
If you encounter payment difficulties, we at Arion Bank are always ready to review your situation with you and accommodate temporary difficulties. For example, we can look at:
Credit card payment distribution.
Providing an overdraft facility or short-term loan.
Examining loan refinancing to reduce payment burden.
If you have a mortgage with us, we can look at temporary payment reductions due to loss of income.
Freezing principal repayments on loans, so that only interest on the principal is paid while the difficulties last.
We want to support our customers and do our part to assist.
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