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Wednesday, March 19, 2008

Quitting a Job and Your Benefits

The temptation to quit your job is present in millions of people. Some people act on that and others stick it out until they can no longer take it anymore. It sounds rather simply doesn't it? If you don't like something quit. But there are circumstances that can favor you quitting a job and then there are others that do not work in your favor. When a person decides to quit a job, they quit without thinking of the long-term effects. They usually wait for their last check and hope to find another job quickly.

But what about your benefits. Most people don't think about these things. For example if you quit a job, you will not receive unemployment. At the start of 99.9 percent of jobs, the employer will offer you a handbook. Make sure that you read the handbook before you decide to quit. In the handbook it will outline what you are and are not entitled to when you leave a job. If you receive stock options or profit bonus checks you will most likely lose those benefits.

Now, most companies don't offer such things so the only things that you will have to contend with are sick days and vacation days. If you have a 401k plan with your company, you are entitled to take the whole thing including the money that your boss has put in. You want to get any and all vacation and sick pay that you are entitled to.

So, read the fine print and see what you are entitled to. If you are not allowed to get paid for the vacation and the sick days after you quit. Most people take this time before they quit. If you have an idea that you want to quit and you have a weeks vacation left then take these days off. Then when you do quit, you will have gotten the vacation pay as well as the sick days before you left. The timing may not be what you wanted but if you are set on quitting that job then get the most from your benefits. You worked for them and you are entitled to them.

Some companies won't let you have them because they set it up that way as an incentive to stay. But employees are finding ways around that, just we mentioned. If an employee is not happy then they will leave and they will find a way to get their benefits, whether or not the company will give them or not. But it is your responsibility as an employee to know and understand what you need to know as far as what happens when you quit. Read the handbook and if you are not handed one when you are hired, ask for one.

You don't want to quit too soon either; sometimes a company will offer you full benefits even if you quit if you stay with the company for X amount of years.


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