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What if your company shuts down? This could help

Surviving a layoffBCCL
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Surviving a layoff
After 30 days, a number of Reliance Communications (RCom) employees could be looking for another job. The company is believed to be closing down major parts of its wireless business. Losing a job without any fault could be nightmarish for an employee. In case of mass layoffs, it becomes all the more difficult to find a suitable job as placement agencies are flooded with CVs. Here's what you can do:
Build an emergency corpusBCCL
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Build an emergency corpus

Whether the spectre of a lay-off is looming or not, make sure you have a contingency corpus equal to six months’ expenses at your disposal. If you suspect that the job market is shaky, shore up another six months of loan EMIs.
Get an independent health insuranceBCCL
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Get an independent health insurance
It’s another step you need to take before you lose your job. Don’t be secure in the knowledge that your company is providing group health cover to you and your family. If you suddenly find yourself jobless and you or any family member faces a medical emergency before you land another job, you will have to pay from your pocket and may not have sufficient resources to cover the expenses.
jobs4.Sell assets, take loan against investmentsBCCL
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jobs4.Sell assets, take loan against investments
If you don’t have an emergency corpus, dip into your bank savings. If it’s insufficient, sell some of your assets or redeem investments like mutual fund units. You could also take a loan against assets such as fixed deposit, PPF, insurance, gold or property. The interest rate is not as high as that of a personal loan and you retain your assets. Do not, however, dip into your retirement savings and avoid taking personal loans or maximising your credit cards, which come with a high interest rate.
Reschedule loan EMIs and insurance premium, stop investmentsBCCL
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Reschedule loan EMIs and insurance premium, stop investments
Among the most difficult financial obligations to fulfil if you don’t have a regular income are loan EMIs, insurance premium and investment instalments like mutual fund SIPs.

If the finances are too constrained, stop your investments temporarily. Since the insurance premium cannot be avoided for fear of the policy lapsing, find out from the insurer if you can alter the periodicity of payment or reduce the cover amount temporarily. As for home or vehicle loans, you can request your bank for a temporary EMI holiday till you get a new job, or reduction of the EMI amount by increasing the loan tenure.
Take part-time job, not the first job offeredBCCL
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Take part-time job, not the first job offered
When you are desperate for a job, it is easy to succumb to the first offer that comes along. However, don’t grab the first job offer, especially if it doesn’t match your skills or offers a very low salary. On the other hand, don’t hesitate to opt for a part-time job. You can take up tuitions, teach art or singing, write a book, even take up part-time teaching jobs in private and professional colleges or universities that invite visiting faculty.
Upgrade skillsBCCL
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Upgrade skills
Another important thing you can do to enhance your employability is to upgrade your skills by taking up a short professional course. It will not only allow you an additional leverage but also widen the spectrum of jobs you can apply for.
Don’t panic or stress outBCCL
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Don’t panic or stress out
Financial obligations can push you into depression, but if you allow yourself to lose control, it will show in the interviews for the new job. Focus on your skills and be proactive in finding a job, instead of waiting for a call or moping.
Don’t dip into retirement corpusBCCL
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Don’t dip into retirement corpus
At no cost, dip into your retirement savings, because even after finding a job, you are unlikely to rebuild the corpus immediately, losing out on the investment opportunity.
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