I accepted a Voluntary Separation package at the start of the pandemic.
For the past couple years leading up to that the job and workplace I used to love had changed so much I would have serious thoughts about playing in traffic rather than go to work.
Then COVID came. The intial shut downs along with news on the grapevine of coworker after coworker getting infected just made things worse.
Voluntary separation of employees with a certain amount of seniority was a way for the company to cut expenses. I think accepting the separation package was the best thing I could have done for both my mental and physical health. Conversly soo many people left as a result, the company took a huge brain drain. I'm told working conditions got worse.
Things You should Know:
1) don't know what your employer is offering. But what I got in my separation package was based on my salary and my years of service. Under those conditions a person with only one year would not get nearly as much.
2) Check the unemployment rules on your state. In my state "a mutually agreed upon separation" of employment qualifies for unemployment checks.
3) In some states a severance package is not counted as "income" for the purpose of receiving unemployment or services like health insurance, utilities assistance, Internet assistance, etc.
4) Medical Insurance Under Corba is seriously expensive. But being without insurance in a pandemic was a non starter for me. I had a three month Medical insurance grace period with my old employer I used the time to sign up for free state medical insurance as peson with 0 income, but I fully disclosed my savings and severance package to keep everything above board.
5) If you decide to go for it immediately cut back on expenes and live frugally as you can bare to. This will allow you to save up more of a financial cusion. While you wait for the official separation date.
I hope this helps.
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