Retrenchment is widely recognised as one of life’s most stressful events. The shock of a retrenchment coupled with financial stress may leave a person uncertain about how to proceed. Here are some answers to frequently asked questions about retrenchment: What’s the first thing I should do if I get retrenched? If your employer has given you notice that they intend embarking on a retrenchment procedure, you may want to consider getting legal advice from an experienced labour lawyer. Before agreeing to or signing anything, take steps to determine your rights as an employee and to understand your employer’s obligations through the process. Secondly, take immediate steps to put a survival budget in place and to strip out any unnecessary costs. There is no knowing how long you may be unemployed for so rather err on the side of caution and be ruthless with your budget. Rather than doing mental arithmetic interspersed with some guesswork, commit to drafting a written budget which will empower you to know exactly how much you need each month to survive and can help allay some of the anxiety. Read more https://www.moneyweb.co.za/financial-advisor-views/answers-to-your-frequently-asked-questions-about-retrenchment/