Redundancy is hard for everyone including those outside the work force. However, if there is a prudent financial planning which prepares for uncertain times such as this, one may even volunteer for the redundancy exercise.
A prudent financial planning and savings plan would prepare one for earlier retirement, or even a change to new career.
In cases where a redundancy payment may be pay out to see you through for a few months or may be enough to start a small business you have always dream about. Perhaps, the cash may not be sufficient and you may need to look at your accounts and cut down unnecessary expenses as your income has certainly been reduced, at least in the short term.
With attractive Term Deposit-i rates offered, it may be good to allocate a portion of your redundancy payout. In addition, you can close your sub account(s) (Advance Link Account-i) and have the money transferred to your Advance Account-i to help through your daily expenses until you settle into a new job. You can talk to our Financial Guide to discuss about the available investment options from your payout, and also explore ways to restructure your current financing to suit your new financial circumstances
If you are putting together a plan for a new job, take a fresh look at your CV to make sure that it is fully updated. You could also find a mentor, someone you can confide in and who can objectively assess your personal strengths and weaknesses; they can provide advice, guidance and feedback.
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