Job Benefits and Layoffs: What You Need to Know [INFOGRAPHIC] was originally published on Vault.
Full-time employment comes with numerous benefits in addition to a salary or hourly wage. Besides networking with like-minded individuals and gaining significant experience at that company, you are often eligible for employee benefits.
Job benefits include but are not limited to paid time off, sick days, health insurance, pension, and retirement. Arguably the most important—health insurance—can help cut down out of pocket costs when it comes to dental, vision, and general medical bills. Some companies will even offer a career development budget, two weeks of paid vacation, or other benefits that incentivize the work the employees accomplish.
However, the pandemic has had a significant impact on employment: new weekly jobless claims reached 847,000 on January 23, 2021, higher than any previous recession. Just last month, 10.7 million people were unemployed, making a 6.7% unemployment rate in the United States. Furloughs, otherwise known as temporary unemployment, increased by 277,000 last month to 3 million.
If you’ve found yourself out of work due to COVID-19—or even if you decided to leave your job on your own terms, or you’re gearing up for retirement—it’s important to consider what exactly happens to your benefits when you leave your job. The answer will vary depending on the company and your situational circumstances, but educating yourself on the possible ways your benefits will be affected can help you make the most informed decisions going forward. To learn more, this visual designed by CreditRepair walks you through everything you need to know.