There are always money related matters to consider whenever you are at the point in your life where you are changing your job. This article gives you a checklist to help you out.
There are 5 Money Matters to attend to, says Anil Rego, the CEO of financial planning firm Right Horizons. Money Control writes that these are: creating an emergency fund, get gratuity dues, get pending salary dues, get a severance package, and get a no-dues certificate.
Firstly, one must have an emergency fund. If you don't have one, make one. This is important during an occupation change because you may not have a salary to rely on for months.
A large emergency fund is recommended during such a period in your life, says Rego. On a normal basis, however, he suggests six months' worth of expenditures.
You also have a right to gratuity if you've been working for your job for five years. "This is half months basic plus DA based on the last drawn salary for each year of service," writes Money Control.
Just a little something for the time and talent that you gave to the job.
Pending salary dues
Don't forget the salary that is your due, says Rego. He says that you are entitled to a salary from the notice period until the departure day.
This is inclusive of leave travel allowance, bonuses, as well as tax deductions and notice periods not served, writes Money Control.
There are other occasions wherein leaving the job is not voluntary but rather due to the fact that the worker was laid off. If this is your case, Rego stated that a severance package may be offered depending on the terms of your leaving.
Don't forget your no-dues certificate as well as a referral letter, says Rego.