Bank Better, Live Better
bounce back from retrenchment
Retrenchment is never a pleasant thing. Use these tips to bounce back.
If you were retrenched you may be wondering what you can do to improve your situation.
It’s not easy, but here are few tips to help you:
Review your budget and organise your finances
Take a look at how your retrenchment will affect your budget. You might need to revise it to suit your current situation. Are there unnecessary expenses you can cut?
Contact your creditors immediately
A loss of income could mean that you won’t be able to afford the installments on a loan or your retail account payments, which can affect your credit profile. Contact your creditors to let them know about the change in your situation. See whether you can arrange an alternate payment plan. Also, check to see if you have retrenchment cover that will settle part or all of what you owe.
Preserve your pension fund
If you have one, avoid the urge to cash in your company pension fund. Rather transfer it to a preservation fund or a retirement annuity. If you do withdraw your funds you’ll be taxed and it will affect your ability to meet your retirement income needs once you do retire.
If you contributed to a fund while working, you can apply for and claim UIF benefits . You must apply within 6 months of being retrenched. You can claim from the day you stopped working until the day your benefits run out or you start working again.
Reduce your bank costs
Use banking channels that are free or cost less than withdrawing cash at ATMs. Cash does have some hidden costs, so use Remote Banking alternatives to save time and money. If you’re a Capitec Bank client, pay for purchases with your Global One card for free. If you must draw cash, do so at till Checkers/ Pick n Pay/ Shoprite or Boxer till points for only R1.25.
Were you retrenched for something you didn’t do well? Make a note of it as an area you need work on. Revisit your career goals. Start thinking about what kind of job you’d like or whether you want one at all. Could your side business become a full-time opportunity?
Update your CV
You may not have updated your CV while you were working. Use the downtime to do so. If you have money available, now might be a good time to go back to school to do that short online course you were thinking about.
Let your network know
Inform friends, family and old colleagues that you’re looking for work. Use your social network connections too.
Sign up for alerts and apply for jobs online
Use a site like Careers24 to sign up for job alerts and career advice.
There are advantages to searching for jobs online. In this short video, Marc Privet, General Manager of Careers24, explains what they are.
Don’t rush your job search. You’ll spend the most productive hours of your life at work, so make sure you’re choosing the right career.
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