When Siddhant Sharma saw the first mail of his email inbox on 22 April, he did not believe it for a moment. This mail belonged to his company’s HR department. It was told that he would have to resign from the company for some unavoidable reasons. In the 8 -year job, he did his work with full honesty. He had never allowed his commitment to the company to decrease. This decision of the company suddenly shook his world. What will happen to children’s fees, home loan EMI, including those important expenses that cannot be avoided under any circumstances?
This year 30 companies have trimmed 61000 employees.
Now a company is no longer uncommon to take its employees from the job suddenly. Microsoft, Google, Amazon The veteran companies like this continue to lay the employee in the name of restructuring business. According to LAFFFS.FYI, this year 130 companies have fired more than 61,000 employees. Doing so may be necessary for companies to increase profits, but this makes the world devastated by the pruning.
Emergency funds ready for difficult times
Experts say that people working in the private sector should always be ready for difficult times. There are some measures that can help in facing difficult times. The first solution in this is emergency fund. According to Amol Joshi, the founder of the plan in the form of investment services, you should always have the required money of 6-12 months in the emergency fund. Many people do not pay attention to it. But, when they see a friend or relative trapped in trouble, they come to know its importance. Experts say that even if needed to prepare emergency funds, even gold and silver lying in the house can be sold.
Turn off non-essential expenses for some time
The second solution is that you will have to control your expenses as soon as you get the news of the job. For example, you can stop the habit of having dinner out once or twice a week. If you have taken membership of gym or club, then it will have to be canceled for some time. This will reduce your expenses to some extent. Joshi says that by reducing the budget, your expenses will come under control. This can make your emergency fund work until you get another job or you do not find any other source of income.
Also read: NPS vs UPS: Retired before 31 March? Know how to avail UPS
Do not disturb PPF, EPF account
Experts say that you should not get money out of your PF account after going to the job suddenly. If you have a PPF account, then there is no need to close it. These are necessary to prepare large funds in the long term. Many people meet their necessary expenses withdrawing money from EPF or PPF account. This affects their retirement planning. Experts say that disturbing a long -term investment plan may have to face difficulty later.