Work Hours Reduced and then Furloughed

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
Iphone5
Posts: 36
Joined: Mon Nov 18, 2019 12:52 pm

Work Hours Reduced and then Furloughed

Post by Iphone5 »

Hi,

Background:
Me- Early 40s, Wife- Mid 30s, and toddler
No debt except mortgage at 3.25%
EF= 12 months in High yield savings
HELOC available = $50,000
Salary = low $100k
Wife is hourly and makes $20/hr
State: Florida

My hours at work were initially reduced to 20 hours at beginning of April, now this past Friday I was told that my hours were going to be reduced to 0, but my health insurance would still be paid by employer. Today, I get a phone call asking if I could help-out with some assignments and I would be paid for the day which I agreed, but amount of work will take 2 days to compete.

Wife works from home part time and her hours were also reduced, but this week her hours have picked up- works no more than 20 hours that’s the max her employer will give her.

We have enough emergency funds to last us 12 months even if no additional income comes in.

What we have done so far to reduce cost:
1.Called Comcast and got bill reduced 12% could not “cut the cord” as we were under contract till next year.
2.Changed cellphone plans reduced cost by 25%.
3.Stopped Roth IRA contributions. Mistake?
4.Stopped 529 contributions. Mistake?
5.Wife and toddler have individual private health insurance, she called and her plans is the most economical. She’s been on that plan for more than 5 years. It’s more expensive to put them on my work health insurance.
6.For the time being should I reduce car insurance coverage since our driving has been reduced by 95% ? I called insurance carrier and they do not have a plan for low miles.


So my question is should I be applying for unemployment benefits since my hours have been reduced?

Also, isnt applying for unemployment benefits frowned upon by employers specially since there is a really good chance that I will be returning to work with same company within the next few weeks ? I was told by employer to hang in there and 0 hours should only last a few weeks. I was given the option for my vacation days to be paid for the time being, should I take that option ? But then again there are no guarantees.

Any other suggestions

Thank you in advance.
Last edited by Iphone5 on Wed Apr 22, 2020 1:27 pm, edited 1 time in total.
User avatar
BogleFanGal
Posts: 690
Joined: Mon Mar 20, 2017 6:59 pm

Re: Work Hours Reduced and then Furloughed

Post by BogleFanGal »

others will chime in on the rest, but I believe that you can collect unemployment even if your hours are cut vs laid off completely... but any money you do earn is subtracted from the weekly unemployment. So if your state pays $350/week (plus the extra $600 from federal) anything you earn that week through paid work is subtracted from that total- at least that's how it works in my state. It's very state specific though
"Life would be infinitely happier if we could only be born at the age of eighty and gradually approach eighteen." Mark Twain
runner3081
Posts: 3820
Joined: Mon Aug 22, 2016 3:22 pm

Re: Work Hours Reduced and then Furloughed

Post by runner3081 »

As the other response mentioned, it depends on the state. It might be better to not come in for those two days.
Topic Author
Iphone5
Posts: 36
Joined: Mon Nov 18, 2019 12:52 pm

Re: Work Hours Reduced and then Furloughed

Post by Iphone5 »

BogleFanGal wrote: Wed Apr 22, 2020 1:06 pm others will chime in on the rest, but I believe that you can collect unemployment even if your hours are cut vs laid off completely... but any money you do earn is subtracted from the weekly unemployment. So if your state pays $350/week (plus the extra $600 from federal) anything you earn that week through paid work is subtracted from that total- at least that's how it works in my state. It's very state specific though
I’m in Florida.
Topic Author
Iphone5
Posts: 36
Joined: Mon Nov 18, 2019 12:52 pm

Re: Work Hours Reduced and then Furloughed

Post by Iphone5 »

runner3081 wrote: Wed Apr 22, 2020 1:18 pm As the other response mentioned, it depends on the state. It might be better to not come in for those two days.
I’m in Florida. Wouldnt company look at in a negative way if I did not coming in for 2 days?

Thanks
02nz
Posts: 6076
Joined: Wed Feb 21, 2018 3:17 pm

Re: Work Hours Reduced and then Furloughed

Post by 02nz »

IRA contributions for this year can be made until the tax filing deadline in the following calendar year, so unlike with 401k contributions (and most 529 plans) you can contribute "in arrears." Sure you miss out on some time in market, but if the goal is to preserve cash flow, it can absolutely make sense to defer IRA contributions.

If you're not driving much, consider something like Metromile (which I use and have been happy with). Rates vary a lot but to give you an idea, on a roughly $35K car I pay $50/mo base and 8 cents per mile for comprehensive/collision and highest available liability coverage, or about half that for just liability coverage.
Last edited by 02nz on Wed Apr 22, 2020 1:35 pm, edited 1 time in total.
User avatar
ram
Posts: 1736
Joined: Tue Jan 01, 2008 10:47 pm
Location: Midwest

Re: Work Hours Reduced and then Furloughed

Post by ram »

My employer has laid off some employees. The Email sent to them encouraged them to apply for Unemployment and also provided instructions on how to do it.
Ram
HomeStretch
Posts: 5388
Joined: Thu Dec 27, 2018 3:06 pm

Re: Work Hours Reduced and then Furloughed

Post by HomeStretch »

You have a “cash crisis” going on.

Maximize your cash inflows (take vacation pay, work if asked and collect whatever unemployment you are entitled to).

Minimize your cash outflows. Continue to reduce expenses aggressively to preserve cash.

If your cash inflow does not exceed your cash outflow, stop savings contributions for now.
User avatar
BogleFanGal
Posts: 690
Joined: Mon Mar 20, 2017 6:59 pm

Re: Work Hours Reduced and then Furloughed

Post by BogleFanGal »

Iphone5 wrote: Wed Apr 22, 2020 1:29 pm
runner3081 wrote: Wed Apr 22, 2020 1:18 pm As the other response mentioned, it depends on the state. It might be better to not come in for those two days.
I’m in Florida. Wouldnt company look at in a negative way if I did not coming in for 2 days?

Thanks
FL is $275 + 600...and I believe they follow that same rule (anything you earn is subtracted from total benefits you're entitled to.) The only question is whether they base that on the state's 275 or the total 875. But things are a mess there right now based upon what I'm hearing...very very few are getting anything at all - it's been deemed the worst state in the nation for unemployment access. Systems are down/overloaded; social media is screaming with people who have filed early March and still aren't getting anything. People are growing desperate.

My suggestion: take advantage of every paid hour you can through your employer - (A) it makes you look cooperative/responsive to them, which also may help when some of this mess eases and they figure out who was easiest/best to work with and (B) you may not get anything from the state of FL for a while.
"Life would be infinitely happier if we could only be born at the age of eighty and gradually approach eighteen." Mark Twain
il0kin
Posts: 326
Joined: Mon Feb 26, 2018 8:19 pm

Re: Work Hours Reduced and then Furloughed

Post by il0kin »

I would take all the vacation days you have available and then file for unemployment. If you end up being laid off instead of furloughed, they may not be required to pay you for those days, so you should get the cash while it’s available. I would also not contribute to retirement funds during this time. Preservation of cash is key right now!
Hug401k
Posts: 390
Joined: Fri Mar 28, 2014 7:49 pm

Re: Work Hours Reduced and then Furloughed

Post by Hug401k »

BogleFanGal wrote: Wed Apr 22, 2020 1:45 pm
Iphone5 wrote: Wed Apr 22, 2020 1:29 pm
runner3081 wrote: Wed Apr 22, 2020 1:18 pm As the other response mentioned, it depends on the state. It might be better to not come in for those two days.
I’m in Florida. Wouldnt company look at in a negative way if I did not coming in for 2 days?

Thanks
FL is $275 + 600...and I believe they follow that same rule (anything you earn is subtracted from total benefits you're entitled to.) The only question is whether they base that on the state's 275 or the total 875. But things are a mess there right now based upon what I'm hearing...very very few are getting anything at all - it's been deemed the worst state in the nation for unemployment access. Systems are down/overloaded; social media is screaming with people who have filed early March and still aren't getting anything. People are growing desperate.

My suggestion: take advantage of every paid hour you can through your employer - (A) it makes you look cooperative/responsive to them, which also may help when some of this mess eases and they figure out who was easiest/best to work with and (B) you may not get anything from the state of FL for a while.
I second this advice. Florida unemployment is newsworthy slow. You can always see if you are eligible while you work as available, but it might take a long time and you need cash now even with that healthy emergency fund. I could take your vacation days to fill in days for weeks you might not be eligible for unemployment because you make too much. (I don't know if FL has the reduction on earnings) I wouldn't worry about upsetting your employer about filing. That's why you've been paying into the system. For now, don't worry about not contributing to a 529/IRA. You can do that once you are rehired.
Jack FFR1846
Posts: 13064
Joined: Tue Dec 31, 2013 7:05 am
Location: 26 miles, 385 yards west of Copley Square

Re: Work Hours Reduced and then Furloughed

Post by Jack FFR1846 »

Others have said to take all the hours you can, but I disagree.

If the employer only needs 4 hours of work done and you're willing to come in for 4 hours, he has no incentive to get you back to full time. Personally, I'd say "thanks, but no thanks until you're willing to bring me back full time".

If you agree to go back for an hour here and an hour there, you'll likely get docked that amount from unemployment, meaning you worked for free. Don't do that. If your employer has work to be done, then he can hire someone full time. If not, then I guess he can just do it himself.
Bogle: Smart Beta is stupid
JonnyB
Posts: 688
Joined: Sun Jan 19, 2020 5:28 pm

Re: Work Hours Reduced and then Furloughed

Post by JonnyB »

Iphone5 wrote: Wed Apr 22, 2020 12:37 pm So my question is should I be applying for unemployment benefits since my hours have been reduced?

Also, isnt applying for unemployment benefits frowned upon by employers specially since there is a really good chance that I will be returning to work with same company within the next few weeks ?
Unemployment insurance premiums are coming out of your pay whether you realize it or not. You absolutely should apply immediately. Whether your employer frowns is totally irrelevant. You really have no idea how long you will be unemployed, just a vague suggestion from your employer. A week without pay is aweek without pay. Put your family's interests first.

One wrinkle is that you are in Florida which has by all accounts the most messed up unemployment system in the country. Be persistent. But even if your application is delayed, you should still get those benefits.
JonnyB
Posts: 688
Joined: Sun Jan 19, 2020 5:28 pm

Re: Work Hours Reduced and then Furloughed

Post by JonnyB »

Jack FFR1846 wrote: Wed Apr 22, 2020 2:12 pm If the employer only needs 4 hours of work done and you're willing to come in for 4 hours, he has no incentive to get you back to full time. Personally, I'd say "thanks, but no thanks until you're willing to bring me back full time".
There is another consideration. He has said that the employer is going to keep paying health insurance, so it may not be the best idea to be terminated. You would have to weigh the risks. On the other hand, who knows whether the employer will withdraw that benefit promise at a future date anyway.

Anyway, you should absolutely apply for unemployment insurance right away. Whether you decide to work part time is a separate decision.
Topic Author
Iphone5
Posts: 36
Joined: Mon Nov 18, 2019 12:52 pm

Re: Work Hours Reduced and then Furloughed

Post by Iphone5 »

Jack FFR1846 wrote: Wed Apr 22, 2020 2:12 pm Others have said to take all the hours you can, but I disagree.

If the employer only needs 4 hours of work done and you're willing to come in for 4 hours, he has no incentive to get you back to full time. Personally, I'd say "thanks, but no thanks until you're willing to bring me back full time".

If you agree to go back for an hour here and an hour there, you'll likely get docked that amount from unemployment, meaning you worked for free. Don't do that. If your employer has work to be done, then he can hire someone full time. If not, then I guess he can just do it himself.
Hi Jack,

Good point on not being hired full time if they have the option to use me here and there. But wouldn’t that make me not a “Team Player”? Also, how would to handle health insurance? Thanks
Topic Author
Iphone5
Posts: 36
Joined: Mon Nov 18, 2019 12:52 pm

Re: Work Hours Reduced and then Furloughed

Post by Iphone5 »

il0kin wrote: Wed Apr 22, 2020 1:52 pm I would take all the vacation days you have available and then file for unemployment. If you end up being laid off instead of furloughed, they may not be required to pay you for those days, so you should get the cash while it’s available. I would also not contribute to retirement funds during this time. Preservation of cash is key right now!
I think I’m going to request all the vacation days be paid. Are vacation days considered working and count against unemployment benefits? Wondering if I can even apply for unemployment if I am getting paid via accumulated vacation days.
toddanderson
Posts: 24
Joined: Wed Oct 22, 2014 2:47 pm

Re: Work Hours Reduced and then Furloughed

Post by toddanderson »

If I was in your place, I would help the employer with whatever they needed, at the same time file for unemployment,
update your resume, try to improve your work skills with some online training. prepare for the future, a new job may be hard to find in this environment.
Topic Author
Iphone5
Posts: 36
Joined: Mon Nov 18, 2019 12:52 pm

Re: Work Hours Reduced and then Furloughed

Post by Iphone5 »

I get what everyone is saying about filing for unemployment benefits, but I am somewhat embarrassed. I know it’s coming out of my paycheck and all but still.

Like everyone is saying I have a negative cash flow and I just need to think of my family first. And who knows when I will back full time.
EFF_fan81
Posts: 406
Joined: Sat Jan 07, 2012 11:23 am

Re: Work Hours Reduced and then Furloughed

Post by EFF_fan81 »

JonnyB wrote: Wed Apr 22, 2020 2:23 pm
Jack FFR1846 wrote: Wed Apr 22, 2020 2:12 pm If the employer only needs 4 hours of work done and you're willing to come in for 4 hours, he has no incentive to get you back to full time. Personally, I'd say "thanks, but no thanks until you're willing to bring me back full time".
There is another consideration. He has said that the employer is going to keep paying health insurance, so it may not be the best idea to be terminated. You would have to weigh the risks. On the other hand, who knows whether the employer will withdraw that benefit promise at a future date anyway.

Anyway, you should absolutely apply for unemployment insurance right away. Whether you decide to work part time is a separate decision.
Work for the time paid and send the half completed work along and ask if you can get additional paid time to complete it.
simas
Posts: 845
Joined: Wed Apr 04, 2007 5:50 pm

Re: Work Hours Reduced and then Furloughed

Post by simas »

Iphone5 wrote: Wed Apr 22, 2020 12:37 pm So my question is should I be applying for unemployment benefits since my hours have been reduced?

Also, isnt applying for unemployment benefits frowned upon by employers specially since there is a really good chance that I will be returning to work with same company within the next few weeks ? I was told by employer to hang in there and 0 hours should only last a few weeks. I was given the option for my vacation days to be paid for the time being, should I take that option ? But then again there are no guarantees.

Any other suggestions

Thank you in advance.
Yes, to first question , please go ahead and apply.

No, to second question - that is exactly what layoff means. 'Hang in there' is not a strategy so I would also be looking at other options (if nothing comes to past, no big deal , otherwise you have something as alternative).
simas
Posts: 845
Joined: Wed Apr 04, 2007 5:50 pm

Re: Work Hours Reduced and then Furloughed

Post by simas »

Iphone5 wrote: Wed Apr 22, 2020 5:09 pm I get what everyone is saying about filing for unemployment benefits, but I am somewhat embarrassed. I know it’s coming out of my paycheck and all but still.
I do not get it- that is exactly what unemployment is for. go do it.
JonnyB
Posts: 688
Joined: Sun Jan 19, 2020 5:28 pm

Re: Work Hours Reduced and then Furloughed

Post by JonnyB »

Iphone5 wrote: Wed Apr 22, 2020 5:09 pm I get what everyone is saying about filing for unemployment benefits, but I am somewhat embarrassed. I know it’s coming out of my paycheck and all but still.

Like everyone is saying I have a negative cash flow and I just need to think of my family first. And who knows when I will back full time.
Why should you be embarrassed? You didn't do anything wrong. Your employer got themselves into a cash crunch that is not your doing.

I would not offer to take paid vacation. That is a cash benefit you have accrued that your company owes you. It is a debt. Why would you just write a debt off as a favor to your company? Are you running a charity for your company? They may require you to burn up vacation time, in which case, you should be on vacation, not working. But there's no reason to volunteer giving up vacation time. You aren't going on vacation are you?
lstone19
Posts: 979
Joined: Fri Nov 03, 2017 3:33 pm

Re: Work Hours Reduced and then Furloughed

Post by lstone19 »

I can’t speak for other states but in mine (Illinois), one of the questions you have to answer when you certify for each week you were unemployed is “Did you refuse any work?” You really want to be able to answer No to that one. If you’re offered a few hours of work, take it.

Also, while regular unemployment pays (at least in Illinois) for 26 weeks, it’s really a pot of money = 26 x your weekly benefit and you have a year to collect it (before needing to requalify). So if you work some in one week reducing that week’s unemployment benefit, the unclaimed amount is then available in week 27 (or 28, etc.).
User avatar
BogleFanGal
Posts: 690
Joined: Mon Mar 20, 2017 6:59 pm

Re: Work Hours Reduced and then Furloughed

Post by BogleFanGal »

lstone19 wrote: Wed Apr 22, 2020 6:01 pm I can’t speak for other states but in mine (Illinois), one of the questions you have to answer when you certify for each week you were unemployed is “Did you refuse any work?” You really want to be able to answer No to that one. If you’re offered a few hours of work, take it.

Also, while regular unemployment pays (at least in Illinois) for 26 weeks, it’s really a pot of money = 26 x your weekly benefit and you have a year to collect it (before needing to requalify). So if you work some in one week reducing that week’s unemployment benefit, the unclaimed amount is then available in week 27 (or 28, etc.).
Just an fyi: federal portion (600/wk) supposedly works differently....it ends in july from what I understand. Which kinda stinks, as many may be working now, but will be laid off in May/June. At that point, ex employees will only have a few weeks of federal benefits they can collect. Maybe they'll amend that July expiration rule later...doesn't seem logical.
"Life would be infinitely happier if we could only be born at the age of eighty and gradually approach eighteen." Mark Twain
Retired2013
Posts: 248
Joined: Sat Dec 12, 2015 2:53 pm

Re: Work Hours Reduced and then Furloughed

Post by Retired2013 »

simas wrote: Wed Apr 22, 2020 5:22 pm
Iphone5 wrote: Wed Apr 22, 2020 5:09 pm I get what everyone is saying about filing for unemployment benefits, but I am somewhat embarrassed. I know it’s coming out of my paycheck and all but still.
I do not get it- that is exactly what unemployment is for. go do it.
+1
Do you think your company is embarrassed for laying you off? No! They are doing what they need to do to survive or they would still be paying you. Don't be embarrassed. You have 22 million others with you.

I always told my DW, I'll do whatever is best for us! Will your company be standing there for you when you retire? Are they going to help you with your health insurance? No! they make decisions on what is best for the company. Do what is best for you and the family.
BrownEyedGirl_27
Posts: 231
Joined: Tue Dec 17, 2019 6:37 pm

Re: Work Hours Reduced and then Furloughed

Post by BrownEyedGirl_27 »

BogleFanGal wrote: Wed Apr 22, 2020 1:45 pm
Iphone5 wrote: Wed Apr 22, 2020 1:29 pm
runner3081 wrote: Wed Apr 22, 2020 1:18 pm As the other response mentioned, it depends on the state. It might be better to not come in for those two days.
I’m in Florida. Wouldnt company look at in a negative way if I did not coming in for 2 days?

Thanks
FL is $275 + 600...and I believe they follow that same rule (anything you earn is subtracted from total benefits you're entitled to.) The only question is whether they base that on the state's 275 or the total 875. But things are a mess there right now based upon what I'm hearing...very very few are getting anything at all - it's been deemed the worst state in the nation for unemployment access. Systems are down/overloaded; social media is screaming with people who have filed early March and still aren't getting anything. People are growing desperate.

My suggestion: take advantage of every paid hour you can through your employer - (A) it makes you look cooperative/responsive to them, which also may help when some of this mess eases and they figure out who was easiest/best to work with and (B) you may not get anything from the state of FL for a while.
+1. File for unemployment immediately. You should be entitled to UI and do not feel too proud to accept help at an unknown time like this. I have been reading the same thing about Florida—the approval rate for unemployment claims is extremely low compared to the national average. Go read Reddit to get a sense of problems people have had when applying and how to do it correctly the first time. I’m sorry you’re going through this. Good luck OP and let us know how it goes.
"Your mind has a mind of its own. At the very moment when you are most convinced of your own rationality, you may be feeling rather than thinking your way toward a decision.” | Jason Zweig
bayview
Posts: 2293
Joined: Thu Aug 02, 2012 7:05 pm
Location: WNC

Re: Work Hours Reduced and then Furloughed

Post by bayview »

Iphone5 wrote: Wed Apr 22, 2020 5:09 pm I get what everyone is saying about filing for unemployment benefits, but I am somewhat embarrassed. I know it’s coming out of my paycheck and all but still.

Like everyone is saying I have a negative cash flow and I just need to think of my family first. And who knows when I will back full time.
Look at it this way: if you become disabled, will you be too ashamed to get SSI, into which you have paid? When you turn 65, will you be ashamed to have Medicare? When you are in retirement, will you draw SS?

Unemployment insurance is just that, insurance.
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri
User avatar
PalmQueen
Posts: 184
Joined: Sun Jul 08, 2018 6:09 pm

Re: Work Hours Reduced and then Furloughed

Post by PalmQueen »

Iphone5 wrote: Wed Apr 22, 2020 5:03 pm
il0kin wrote: Wed Apr 22, 2020 1:52 pm I would take all the vacation days you have available and then file for unemployment. If you end up being laid off instead of furloughed, they may not be required to pay you for those days, so you should get the cash while it’s available. I would also not contribute to retirement funds during this time. Preservation of cash is key right now!
I think I’m going to request all the vacation days be paid. Are vacation days considered working and count against unemployment benefits? Wondering if I can even apply for unemployment if I am getting paid via accumulated vacation days.
I'm not an expert, but I don't think pay for unused vacation days would count against unemployment benefits. You earned the vacation pay while you were working. It would be paid to you as one lump sum. Hopefully others with expertise in this area can confirm for you.
Topic Author
Iphone5
Posts: 36
Joined: Mon Nov 18, 2019 12:52 pm

Re: Work Hours Reduced and then Furloughed

Post by Iphone5 »

**Update***

Out of the blue, I received a phone call from 1 of my company’s competitor asking me if I would be interested in meeting them to see if I would be a fit and to meet some of their principals. They said it was not an interview. They are looking for someone in my capacity to manage a similar project I just completed.

Should I be meeting with them? Feel disloyal by meeting with them, but not sure when I will be returning full time and do not feel too confident on the backlog of work with my current company.
HomeStretch
Posts: 5388
Joined: Thu Dec 27, 2018 3:06 pm

Re: Work Hours Reduced and then Furloughed

Post by HomeStretch »

Absolutely you should meet with them. No need to feel disloyal as your current employer furloughed you. Similar to not being embarrassed by claiming unemployment (which I hope you have claimed). Please look out for yourself!
Topic Author
Iphone5
Posts: 36
Joined: Mon Nov 18, 2019 12:52 pm

Re: Work Hours Reduced and then Furloughed

Post by Iphone5 »

I reached out to them and have agreed to meet. Really nervous about this
bayview
Posts: 2293
Joined: Thu Aug 02, 2012 7:05 pm
Location: WNC

Re: Work Hours Reduced and then Furloughed

Post by bayview »

Iphone5 wrote: Fri May 01, 2020 12:17 pm I reached out to them and have agreed to meet. Really nervous about this
Good luck, whatever you decide! It’s good to know that a customer thinks we’ll of your work.

I found out a little too late in life that I was excessively loyal. Companies have to take care of themselves, and employees must do the same.
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri
Topic Author
Iphone5
Posts: 36
Joined: Mon Nov 18, 2019 12:52 pm

Re: Work Hours Reduced and then Furloughed

Post by Iphone5 »

*** Update

Met with new company this morning and they want to bring me in for a second round of interviews. They told me I am the right”fit”.

They brought up salary and told me they have excellent benefits. They did ask me how much I am looking for and I told them how much I was making, they said they could do “that”. I reminded them that I was not looking for a job and that they contacted me. Indirectly, I am telling them I do want to be at higher salary for leaving old company.

Say I accept their offer after second round of interviews:

1. Should new company be picking up Cobra cost until company health insurance kicks in? Can’t go without health insurance.

2. I’m pretty sure Ill be forfeiting 6-7 vacation days with old company, how should I approach vacation days? Do you think new company would reimburse me for vacation days? Or should I request vacation days be paid and then resign?

3. Any suggestions on how not been able to contribute to 401k for a year with new company should be handled?

4. How to approach salary? I should have been more forwarded and told them I am looking for $X.

Or any other thoughts or suggestions?

Thank you all
Dottie57
Posts: 9544
Joined: Thu May 19, 2016 5:43 pm
Location: Earth Northern Hemisphere

Re: Work Hours Reduced and then Furloughed

Post by Dottie57 »

il0kin wrote: Wed Apr 22, 2020 1:52 pm I would take all the vacation days you have available and then file for unemployment. If you end up being laid off instead of furloughed, they may not be required to pay you for those days, so you should get the cash while it’s available. I would also not contribute to retirement funds during this time. Preservation of cash is key right now!
+1
Dottie57
Posts: 9544
Joined: Thu May 19, 2016 5:43 pm
Location: Earth Northern Hemisphere

Re: Work Hours Reduced and then Furloughed

Post by Dottie57 »

Iphone5 wrote: Mon May 04, 2020 9:39 am *** Update

Met with new company this morning and they want to bring me in for a second round of interviews. They told me I am the right”fit”.

They brought up salary and told me they have excellent benefits. They did ask me how much I am looking for and I told them how much I was making, they said they could do “that”. I reminded them that I was not looking for a job and that they contacted me. Indirectly, I am telling them I do want to be at higher salary for leaving old company.

Say I accept their offer after second round of interviews:

1. Should new company be picking up Cobra cost until company health insurance kicks in? Can’t go without health insurance.

2. I’m pretty sure Ill be forfeiting 6-7 vacation days with old company, how should I approach vacation days? Do you think new company would reimburse me for vacation days? Or should I request vacation days be paid and then resign?

3. Any suggestions on how not been able to contribute to 401k for a year with new company should be handled?

4. How to approach salary? I should have been more forwarded and told them I am looking for $X.

Or any other thoughts or suggestions?

Thank you all
1. No new company should not puck up Cobra.
2. Get them from your current employer as they were earned from that company.
3. Save as much as you can in taxable and Roth. Taxable account is valuable. I wish I had more there.
4. Wait until you get an offer.

You are extremely lucky to gave a chance at a new job. I would not worry about most on your list except salary.
rich126
Posts: 2318
Joined: Thu Mar 01, 2018 4:56 pm

Re: Work Hours Reduced and then Furloughed

Post by rich126 »

When you don't have a job, I sure wouldn't be pushing for a higher salary. I'd take anything reasonable and worry about getting a better salary after things calm down, unless I really didn't need a job.
Tracker968
Posts: 154
Joined: Tue Feb 23, 2016 9:32 pm

Re: Work Hours Reduced and then Furloughed

Post by Tracker968 »

I don't think it would be unreasonable to ask for a small increase over what you are presently earning. And maybe ask for another week of vacation. They obviously want to bring you on, so they should be willing to offer more than your current employer.
Topic Author
Iphone5
Posts: 36
Joined: Mon Nov 18, 2019 12:52 pm

Re: Work Hours Reduced and then Furloughed

Post by Iphone5 »

***Update

I am back to 20 hours/week with my company. Not sure when I will be back to full time and my boss doesn’t know either. My boss is pushing to get me back full time, but his superiors only approved 20 hours/ week.

Met with other company a 2nd time I thought it went well. All they said was that they will be in touch.
Post Reply