Termination of Employment

  

Categories: Company Management

You're fired! That's it. See: Golden Handcuffs.

Related or Semi-related Video

Finance: What are Unemployment Benefits?3 Views

00:00

Finance Allah Shmoop What are unemployment benefits Well a century

00:08

ago and you lost your job This is what happened

00:10

to you then this and then this Well the government

00:14

decided that America was better than this and that there

00:17

should be a shock absorber in the personal economies of

00:20

individuals when they were fired And yes sometimes employees did

00:24

such a lousy job at work They deserve to get

00:27

fired But other times cos downsized into higher divisions so

00:30

employees who are at no fault of their own were

00:33

fired And other times injuries illness and other factors played

00:36

a role in turning this guy into this guy So

00:39

the U S Government created an unemployment benefit system that

00:43

filtered through out the country And it was a kind

00:46

of buffer when an employee went from earning a grand

00:49

a week Teo nothing Unemployment benefits comprise a few things

00:53

Well first there's the money And in order for there

00:55

to be money in the till somewhere too Hey for

00:57

that unemployment benefit system the US introduced attacks that basically

01:02

socks away money for the future with certainty that well

01:05

at some point a whole lot of people will be

01:07

unemployed and appreciate the buffer It's a fair question to

01:10

ask What about the people who were planners plotters preparers

01:14

for a rainy day But why do you tax those

01:17

people so that they then pay for workers who got

01:20

fired and weren't disciplined enough to save their own damn

01:23

money Well it's kind of the price you pay for

01:25

being a superpower So yeah the US does have freeloaders

01:28

criminals leeches on the system lazy people and bad workers

01:32

But we have so many more of the good egg

01:34

kind of people that we can at least as faras

01:36

today goes afford TTO have a generous unemployment system So

01:41

how does one actually qualify for unemployment benefits Well usually

01:44

you have to have lived in your state for at

01:46

least a year before collecting them and typically you have

01:49

to show that you're continually actively seeking employment and not

01:53

just binging Handmaid's tale on your sofa And often you

01:57

have to show that you were laid off through no

01:59

fault of your own Like if you were fired from

02:02

RVs for throwing four pounds of roast beef at the

02:04

head of a customer No you'll probably need to look

02:07

into you know Plan B i e soliciting your family

02:10

for alone instead of hoping unemployment covers Yeah And well

02:13

don't expect the benefits to allow you to continue your

02:16

existing quality of life Generally even if you do qualify

02:19

for benefits well you'll get about a third or after

02:23

our last of your old salary So you're less likely

02:25

to end up on easy street with unemployment benefits than 00:02:29.25 --> [endTime] you are to end up on the streets

Up Next

Finance: What is the Unemployment Rate?
15 Views

What is the unemployment rate, and why is it so important?

Find other enlightening terms in Shmoop Finance Genius Bar(f)