In general, the Covid-19 outbreak made almost everything unpredictable. Many people’s job and finances were gone.
According to the Philippine Statistics Authority, in April 2020, the unemployment rate increased to 17,7, making it the highest so far. There are about 7.3 million unemployed Filipinos compared to 2.4 million at the beginning of 2020. Companies are not at fault. Sadly, the outbreak of Covid-19 affected many industries because they were not operating, to avoid any losses, large scale businesses were forced to stop working. Small companies also had to stop.
If you were one of the workers, what would you have done? Sad to say, now you need the money more, with a lot of financial responsibilities at hand.
Below are what you can do:
1. Request for Benefit from the company
Work may be on hold, but this doesn’t stop the company from giving employees their rights. Under the Labor Code, workers terminated for explicitly allowed causes, this means reduction to reduce losses, may receive the following benefits.
- Payment on dismissal. Salary for 1/2 months or payment for 1 month per year of work.
- Prorated 13th Month Pay. 1/12 of the total wage, for the entire period of work.
- Payments of the company. These are vacation or sick leave leaves, which can be converted into cash.
2. Apply for SSS Unemployment Benefit
SSS Unemployment Benefits Program is a program that renders financial assistance to unintentionally separated workers. Members are given 50 percent of their monthly salary credit. It’s a two months program, and it is of great help as you job hunt.
The program is not a short term loans same day, do not forget that. It is one of the agency’s benefits that is available for members during an emergency.
3. Assess your financial situation
By now, you should know if you’re doing well financially. You will be depending on your savings (supposing you have) as you job hunt. You can include deposits or other investments if you have any, emergency fund and savings will sustain you for a couple of months.
You should also know your expenses, utilities, loans, credit card bills, insurance premiums, etc. make a schedule of your expenses with the appropriate dates, which will let you know the amount you’re owing.
4. Identify the main priorities
This is essential when you lose your job, you lose your source of livelihood, meaning you cannot afford your expenses.
You don’t need to spend money on junk and things you don’t need, your family needs should be your priority, you should stop spending unnecessarily.
You should spend your money on priorities you might have other benefits but don’t forget that money won’t be released every time you need it. Meanwhile, spend wisely and make your needs your priority.
5. You need to negotiate payment conditions
This can only be done if you currently have financial duties.
The Bayanihan Heal As One Act did not specify if lenders can evade financial obligations. Rather, payment of loans can only be delayed for only 30 days without penalties or interest.
If you’re finding it hard to return the loan, make sure you inform your lender of the situation at hand. They will surely reason with you. Tender the proof of unemployment and renegotiate your terms of payment to avoid being penalized.
Robocash is flexible, this is one of the reasons people are happy when they receive a loan. To avoid any issue, endeavor to notify them for them to give you a flexible payment plan.
6. Make sure you look for a new job.
Looking for another job after losing a job could be disorienting, and comes with the feeling that there are no jobs out there for you. Search for another job as soon as possible. Many organizations are still hiring and are surely going to secure a new job once your qualification and work experience fit what they want.
At the moment, make sure you boost your skills. There are lots of free courses online to add to your professional profile. Do not let these free courses waste, take up the opportunity, and it could as well help with your job search.
7. Secure a new way of making money
Try to get other means of making money while you wait for that call. You can try the online marketplace where there are many sellers and resellers, you can try it.
There’s no need for you to worry about space as many online platforms handle that. In case selling is not your area of strength, you can try out freelancing and apply for work online.
8. Emergency loan option in a hard situation
Everyone can tell this is a trying time, being jobless makes you unable to afford some basic needs, but if you need money to meet any emergency needs, you can rely on Robocash to give you a loan. Surprised? You don’t have to be all you need to know what it takes to get a loan from them.
Robocash requirements are:
- Open a personal space on Robocash website where you fill a form with your personal information. You need your valid ID and phone number to do this.
- Specify how you want the Robocash loan to be wired. This is where you specify how you want to receive the loan and repay it comfortably.
- Signing of contract. Here is where you sign a contract by consenting to Robocash loan application. Confirmation code will be sent to your line through a text message.
Robocash benefits you stand to get include:
- You can fill a form to apply any time of the day, it doesn’t matter if it’s morning or night.
- You can fill the form within the twinkle of an eye, it doesn’t take time.
- You can take the first loan in Roboksh at 0% and return exactly as much as you took.
With all these benefits, you must not do one thing, you must not default, make sure you repay the loan on time, and this can only be done in extreme cases.
Do not be sad about losing your job, it’s a setback and a chance to push yourself the more.