Losing your job can take a mighty toll on you. Your financial burden increases, your income decreases, and you’re wallowing in self-pity for days on end.
Luckily, job loss isn’t as daunting as it was in the past, as there are numerous benefits available to the unemployed in Canada.
Check out the steps you can take to get through these tough times!
What Can I do After I’ve Lost my Job?
If you’re looking for tips on what to do when you lose your job, you might be surprised by the sheer amount of opportunities lined up at your door.
By familiarizing yourself with the laws on employment termination, claiming your due compensation, and having faith that things will pick up, you’ll be well on your way to overcoming this predicament. During these pandemic-ridden years, it’s easy to lose sight of the right path. But, if you follow our tips below, you won’t have to stray any further!
Reflect on Your Experience
After losing your job, the first thing you should do is reflect. Following this tumultuous event, it’s beneficial for you to acknowledge your feelings and thoughts. There is no right way to feel after a layoff. Some might be sad or angry for missing out on payrolls, while others might be excited to experience days without set routines.
Whichever feeling arises during this time, accept it. Treat yourself kindly and view your work experience in retrospect. Ask yourself what went or didn’t go well in your job and what you’d like to do next.
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Find Out What Compensation You Can Receive
As we’ve already mentioned, Canada assists those who have lost their jobs. The kind of compensation applicable to your situation depends on various factors.
Firstly, if you’ve been let go during your contracted period without notice, your boss owes you payment in lieu as compensation. Usually, this involves payment of two weeks’ wages. However, keep in mind that every province might have a different employment standards legislation, so it’s crucial to look in the right places.
If you think your termination is wrongful, you might consider suing your employer in Canada’s many civil courts to receive what you’re owed. You’re entitled to:
- A week of severance pay for each year worked if the employer has a payroll of $2.5 million
- Outstanding wages
- Overtime pay (if applicable)
- Termination pay
- Vacation pay
Claim your Employment Insurance
Another thing on Canada’s employment benefits list is the Employment Insurance (EI). The Employment benefits Insurance provides short-term financial help for those out of work. To get approved for EI, make sure to apply less than four weeks after your termination because it takes time for benefits to start.
Moreover, there are different benefits you can apply for, depending on your situation. Some of these are:
- Sickness benefits
- Parental benefits
- Maternity benefits
- Compassionate care benefits
- Family caregiver for children benefits
- Fishing benefits (No, we’re not kidding!)
You can get EI benefits if you have had insurable employment, haven’t worked for over seven days, have worked more than 52 weeks, and have lost your job through no fault of your own.
If you’re unsure whether you qualify for benefits because you lost your job, a lawyer can help you set the record straight and walk you through the process.
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Find Other Sources of Income
Aside from getting money from your job loss insurance, Canada offers unemployed persons numerous sources of income during their transition period. Namely, it would be beneficial for you to pursue some temporary, casual, or part-time jobs to rack in some cash while you’re out of work.
However, note that the income you receive might affect the amount of money you claim from your Employment Insurance because income tax is still applicable to non-permanent jobs, regardless of the province.
On the other hand, if you’re not looking for any type of temporary employment, you can choose to borrow money from your permanent life insurance policy to help you cover your living expenses or, in the case of a lawsuit.
Invest in Your Development
While receiving Employment Insurance benefits and looking for a new job, it’s the perfect time to invest in your personal development. It might sound counter-intuitive to spend money you don’t have, but this type of expenditure directly facilitates your hunt because you can learn new in-demand skills.
Plus, this might be the perfect time to discover any hidden passions you could turn into a career. If you don’t want to switch industries, you can go through adverts and see what companies are looking for now. By determining that many are searching for a skill you don’t have, you can attend classes or online courses to develop in that area and give yourself a head start.
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Begin Your Job Search
After losing your job, the most challenging task is to find a new one. Firstly, you’ll need to polish and tweak your CV to perfection. Then, send applications to all open job positions you feel fit your skills and experience. After that, brush up on your interviewing skills to give your potential new employer the best impression possible.
Moreover, you should be honest about your previous job loss. Even if you don’t tell a potential employer you were terminated, they’re bound to find out eventually. Therefore, honesty is your best bet because most employers value it immensely.
And finally, it’s essential to stay positive during your search, even if it seems fruitless. Luckily, every rejection takes you one step closer to success. Who knows, your next job might be just around the corner.
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Losing your job is not the end of the world.
We hope these tips will help make this unfortunate time more bearable. By seeking assistance, unemployed people can receive income throughout their transition and even use this free time for personal development.
Make the most of a bad situation, and it’ll be over before you know it!
The severance pay is insurable if it was not for reasonable notice but for the statutory severance period or contractual notice period. However, if it was for reasonable notice, it is not insurable.
The basic rate for calculating EI benefits is 55% of the person’s average insurable weekly earnings, up to a maximum amount of $638 per week, or $60,300 per year.