In recent years, the term "Layoff" has become increasingly common. No one wishes to experience it personally, but it is becoming a reality closer to many people's lives.
Some are forewarned, some notice signs, but many are called into a meeting room on a workday and walk out immediately with documents that instantly change their lives.
After allowing yourself time to regain composure, try to carefully manage both your "money" and "mind" by following these five steps.
The first thing to do is understand what you are entitled to from your employer, such as:
From a tax perspective: severance pay under labor law for layoffs is exempt from income tax up to the equivalent of 400 days' wages (not exceeding 600,000 baht). Remember to check the withholding tax form (Form 50 ทวิ) issued by the company to confirm it states "layoff."
Don’t forget to register as unemployed with the Department of Employment to receive social security benefits. This financial support may not be enough to maintain your previous lifestyle but can significantly ease financial pressure during this period.
In the case of a layoff, you will receive unemployment compensation equal to 60% of your wage (with a maximum base of 17,500 baht) for up to 180 days (6 months).
Many choose to keep this to themselves to avoid stressing their household, but in reality, silence often causes more anxiety than honesty. What you think you must bear alone may actually be something everyone is ready to face together.
If you have a spouse, parents, or children, find time to talk, explain the situation honestly, and jointly plan how to adjust in the next 3-6 months, especially regarding spending and financial responsibilities.
When your primary income stops temporarily, your spending plan must change accordingly. Try dividing expenses into three categories:
Reducing expenses now buys you time and increases your options. The goal is not to save every baht at the cost of happiness, but to extend the life of your cash reserves as long as possible.
If you have mortgage, car loans, or other debts and expect difficulty paying, the worst thing to do is to remain silent. Contacting creditors early might provide better options.
During unemployment, many try to cut all costs, including health insurance premiums. However, illness without a job can cause far more severe financial impact than anticipated.
Remember to check:
Because when income is uncertain, the most important thing is to reduce uncontrollable risks such as medical expenses.
Being laid off is an event no one wants to face, but it does not define our worth.
Jobs may disappear, positions may change, income may be interrupted, but our experience, knowledge, skills, and identity remain intact.
Take good care of your finances and your emotional well-being, and don’t forget to allow your loved ones to support and assist you.
Sometimes overcoming a crisis doesn’t mean fighting alone but involves letting those around you understand, help, and walk alongside you.
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