Retrenchment can be an immensely stressful process to endure, but not all hope is lost.
It's easy to panic when you are faced with the possibility of losing your job but there are ways to manage your finances while navigating through this time. CourtesyJOHANNESBURG - Faced with the possibility of losing your job may cause panic to set in as you consider your mounting monthly expenses and dwindling bank balance.
A financial adviser will look at your individual situation and advise you on which debts to pay off first. Your retrenchment package will be taxed in the same fashion as any money taken at retirement – the first R500,000 of your package is tax-free, the next R200,000 is taxed at 18%, the next R350,000 is taxed at 27% and anything over R1,050,000 is taxed at 36%.
Look at your package – hopefully, you can use this as cash flow and find a job before you need to start using your retirement savings.will there be a penalty if you have a payment holiday on any of your accounts or do you have retrenchment cover on any accounts? Go to your bank and discuss if you can reduce your home loan repayments.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What to do when faced with the possibility of retrenchmentRetrenchment can be an immensely stressful process to endure, but not all hope is lost.
Read more »
Standard Bank, retrenchments and farming: Tito Mboweni slammedFinance minister TitoMboweni received backlash on social media after tweeting that retrenched Standard Bank staff should go into farming.
Read more »
Group Five budgets for R233m in retrenchment pay as it enters business rescueThe engineering and construction group has entered a form of bankruptcy protection known as business rescue and had its stock suspended from trading on the JSE.
Read more »
Cosatu, EFF sing from same song sheet on Standard Bank retrenchmentsThe labour federation thinks it's too easy to restructure and get rid of staff in SA.
Read more »
Amcu’s interdict against Sibanye retrenchment process dismissedAbout 15,000 workers affiliated to Amcu are still on a prolonged strike that began on 22 November at Sibanye's gold operations.
Read more »
Suzanne Daniels: I could have done more to halt Eskom state captureSpeaking on the 'Eusebius McKaiser Show', Suzanne Daniels admitted she could have done more to halt the capture of the state-owned power utility.
Read more »
Gordhan: Everything possible being done to stabilise Eskom
Read more »
'We've done our processes very thoroughly' - Mashatile comments on party listsCommenting on party leaders who made it onto the national and provincial lists while they are embroiled in corruption allegations, ANC treasurer general Paul Mashatile said: 'We've done our processes very thoroughly.'
Read more »
Isabel dos Santos likely to be axed as head of Angolan telecoms firmShareholders with as much as 75% of Unitel are likely to vote for the removal of Africa's richest woman, independent economist Antonio Estote says
Read more »
Prasa doing 'all it can' to resolve commuter train woesPresident Cyril Ramaphosa apologised for the poor state of the country’s rail infrastructure after having a first-hand experience of just how bad it was on Monday.
Read more »