There is concern among thousands of service-class workers as a result of reports of mass layoffs by multiple corporations in various multinational and Indian companies, including IT, social media, Edu Tech firms, and related sectors.
The fear of the dreaded recession has sparked massive layoffs even at some of the most prominent companies in the world, including Meta, Twitter, and Amazon. Even though academics have predicted that India won't see severe consequences from the global recession, the manufacturing sector is already feeling its effects.
Here’s a guide on how to handle any similar circumstance in the future:
Insurance:
It's important to mitigate life risks when working. Employees should not solely depend on corporate health insurance, rather should take one on their own. Typically, insurance providers will provide you with a maximum amount of insurance coverage equal to 60 less your current age times your annual income.
Savings:
Individuals can start with basic investment products, typically 3-4 asset classes are available equity, debt, gold, real estate, and offshore investments. One could start investing in a SIP of an index fund. Ideally, working class individuals should be saving equal to the national savings rate which was around 30% pre covid.
Maintain monthly balance:
To manage your monthly expenses, keep a close tab on your savings. Develop a habit of investing and saving on regular basis which will help to secure financial balance in upcoming future.
Boost your income:
You may wish to monetize your skills and interests to make extra money if a wage cut or job loss has made it tough for you to stay afloat. Examples include paying tuition online, holding hobby classes, or instructing in a foreign language.
