I was “downsized “ today

[terrehautian]

Along with two others, but I will be okay. My wife makes enough that we didn’t use my income other then my car payment, car insurance and my credit card. I am getting severance for 17 weeks.

So so my question, unemployment. I don’t need it now, do I absolutely have to apply now if I want it? I don’t exactly want it at this moment. If I ever want it. I can’t ever apply for another job at my old job under the current ownership, which is fine with me.

I havent even had a job interview since 2001. I am in contact with a radio station owner I’m friends with who doesn’t have anything open but could create something. Even if it doesn’t lead to anything immediately, it could down the road.

 

[DoggyDaddy]

It wouldn't hurt to apply for it. I did get it for 3 months when my old employer went out of business back in 2009. It kept me from having to dip into my severance package money much. They give you a "debit" card that is pretty much good for life (if you should need it again). Sorry to hear about your situation! In my case it turned out for the best though. The job I have now is much more secure (and pays better) than the one I lost.

 

[MrsGungho]

your employer paid into it for you, take it now.

 

[Hoosierdood]

As with most state run programs, there is a legitimate purpose, but it has a tendency to get abused by some freeloaders. When used properly, it is a valuable asset. You were let go from your job, through no fault of your own, and there is a program that your employer has paid in to for just this purpose. Take it. Whatever you can get from it, it is yours and you worked hard for it. I'm sure you will be looking for a new job right away, but there is no guarantee that you will find one right away.

Also, it sometimes takes a month or 2 to get everything processed. Don't just rely on your severance. You don't know how long you will be out of work, and if it gets 6 months down the road, you will wish you filed for unemployment. I was on unemployment a couple years ago. I was out of work for 4 months. I didn't get my first unemployment payment until about 2 weeks before I started my new job.

Do yourself and your wife a favor and file right away.

 

[Ziggidy]

Severance for 17 weeks.....it will go by quickly. If I remember correctly, you cannot collect until the severance is all paid out. In other words, you can (maybe) apply now but will not get anything for at least 17 weeks. Severance is considered a paycheck.

If you did go in, they may even tell you to come back in 17 weeks. I am not 100% sure, but that is how it used to be about 25 years ago.

Praying you are blessed with something better.

 

[MCgrease08]

Sorry to hear it. I'm in a similar boat. I was let go from my job back in September after the company was sold. New owners came in and starting "reorganizing." I got a severance, but it was just four weeks, so not really much help at all.

As for the unemployment, you need to file now. The problem you're likely to run into (at least I did) was that the severance will probably cancel out the first several weeks for which you'd be able to claim benefits.

In my case, my salary was high enough that I qualify for the highest possible weekly benefit amount paid out over a maximum of 26 weeks. There is also a maximum payout amount, meaning they cap what you can be paid. In my case it was something like $10k over the 26 weeks. But after I reported the severance and unused PTO time I was paid for, they ruled I wasn't able to file for the first five weeks because that amount was greater than what I would have earned in benefits over those five weeks. So I was only able to file my first weekly claim this week.

My understanding is that those five weeks are gone, so now I only have 21 weeks for which I'm eligible to file. Lord willing I'll have a new job by then and it won't matter.

In your case, a 17 week severance means you'll probably have a lot more weeks eaten up by that deferment, but you want to file now, so you can get an official determination and you can get the clock running. You may even get a job long before you're even eligible to actually file a claim, but you want to do it right a way to kick off the process.

Whatever you do, report everything you were paid. They will make you send in check stubs. Also make sure to report any extra income you might earn doing part time work. I do some freelance work from time to time and earn some extra money as a hockey referee on the weekends. I have to report all of that money, which ultimately reduce the amount of the weekly benefit. I think they calculate it on a percentage amount, rather than a dollar for dollar reduction, but I'm not exactly sure how it works. I will find out in the coming weeks when I get my monthly hockey check.

 

[mmpsteve]

I wonder if your ex-employer would be willing to give you a lump sum instead of the 17 weeks? They might be willing if it saved them a few bucks, and then you could start collecting unemployment sooner. Or is the 17 weeks set in stone?

 

[MCgrease08]

I wonder if your ex-employer would be willing to give you a lump sum instead of the 17 weeks? They might be willing if it saved them a few bucks, and then you could start collecting unemployment sooner. Or is the 17 weeks set in stone?

At the risk of answering for the OP. Usually a severance payment is a lump sum. It was in my case, and I've gone through it with two different companies now. They calculate what they would have paid you iover a specific time period and pay it as a lump sum. It won't make the unemployment come any sooner. It's not about the time period, but the overall amount.

 

[Ziggidy]

I wonder if your ex-employer would be willing to give you a lump sum instead of the 17 weeks? They might be willing if it saved them a few bucks, and then you could start collecting unemployment sooner. Or is the 17 weeks set in stone?

I'd be careful with that. It may be ok, but I'd still be careful.

 

[Ziggidy]

My understanding is that those five weeks are gone, so now I only have 21 weeks for which I'm eligible to file. Lord willing I'll have a new job by then and it won't matter.

I have absolutely no knowledge how the current program works; but years ago I was eligible for the full 26 weeks AFTER my severance was paid in full. It did not impact my length of benefits at all. Maybe it's different now, but it's worth clarifying.

 

[terrehautian]

To answer lump sum severance, nope. It is paid out like regular pay days (regular pay regular hours). After November, it will go up 150 more taxable dollars as my health insurance will go out (my daughter and I will go on my wife’s crappy plan).

 

[amboy49]

Why don’t you go to the unemployment office ? Perhaps they could explain the specifics. It might be a little optimistic to ask a government employee to provide clear and exact answers but it’s worth a try.

 

[longbow]

I had nothing to do with it!

 

[longbow]

What did you do? The job market is still good to get a new job.

 

[terrehautian]

What did you do? The job market is still good to get a new job.

Worked at a tv station, I have peeked around but would to not work until next spring if possible. I only say this as our baby is due in March and being able to bond with the baby after it is born for a month or so. My wife has a job good and we have a financial back up plan for when she is off and not getting paid.

 

[awames76]

go to a local office and start things friday or as soon as u can. they have programs u can take for free even if you are not on umemployment, like excel, help with resume, programs if u are a veteran, all witch are free. ive been on unemployment several times because of working in construction [i dont now], they've changed things in the last 2 yrs. unless its changed when u work u keep the first $78 u make then dollar for dollar loss after that, when i did that i was making less working than unemployment. the cap is $390 a week gross. payed on monday after 10 am on the card.

 

[Hawkeye7br]

Why don’t you go to the unemployment office ? Perhaps they could explain the specifics. It might be a little optimistic to ask a government employee to provide clear and exact answers but it’s worth a try.

Do this. The last time I got downsized, they told me my severance pay would be deducted from my unemployment compensation. Your compensation period starts when you sign up and all income counts against it. Go to the employment office & nail them down on info. The woman wanted me to sign up immediately, I said no way.

 

[Leadeye]

your employer paid into it for you, take it now.

Solid advice.

 

[terrehautian]

I posted this just now on Facebook.

I guess time to figure a few things out today, hardest part about yesterday. The one job I’ve had since I was a senior in high school, the job I wanted to retire from, the job I wanted to retire from being the longest employee employed there, the job where I did everything I could to be where I could jump in and help at, I don’t have anymore. On the other hand, the job I used to go into and would do anything for slowly became a job I didn’t love going into. It wasn’t fun like it used to be. I had a bad shift to start out for being a father that went to an even worse shift. Now I have 9,000 in student loans left for a degree I might not use again. If it wasn’t for many factors (family, marriage, good pay rate, four weeks of vacation), I might’ve left years ago.

 

[rhino]

This is a timely topic. I got axed along with my boss and everyone who reports to her on 08/22 and today was our last day.

I wish I were getting 17 weeks of pay as severance! I'm getting four.

I'm going to apply for unemployment on Monday, but my income from my second (part time) job is going to reduce the amount I can receive.