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Lost job
Losing your job can be unexpected and may mean you need to adjust your lifestyle. The good news is there are ways to manage your money, find support and start looking for your next opportunity.
COVID-19 has had a devastating impact on employment. If you’ve recently lost your job, you’re not alone. More than 2/3 of Australians have had a change to their employment situation.
- 2.7m (18%) of the Australian workforce have been stood down for a period of time.
- 2.4m (16%) have not had any work offered.
- 670k (4%) made redundant.1
Currently our unemployment rate is sitting at 7.1%, the highest it’s been since 2001.2
Losing a job, no matter the circumstances, is hard. Your employer is often making a commercial decision not a personal decision, but it can still affect your confidence as well as your finances. This can add increased pressure and stress as you try and find a new job and maintain your livelihood.
No matter the circumstances surrounding your job loss, there are some helpful tools to provide support while you find your next job.
Financial support
Mortgage or bills
If you’re struggling to pay your mortgage, utility bills or credit card, get in touch with your service provider or bank. They have dedicated financial hardship teams who can help. Options they may offer include; extending the due date, allowing smaller repayments over a longer period or postponing repayments to an agreed later date.
If the loss of your job means you’re unable to pay housing, food or bills then the Government’s MoneySmart website has a list of services that can help quickly.
COVID-19
If COVID-19 has impacted your financial wellbeing, we’ve put together six options for financial support you may be able to access.
Know what you’re worth
There are a few different financial entitlements you might get if you lose your job including payouts for untaken annual leave and long service leave. If your job becomes redundant you might also be eligible for a redundancy payment. Some employers also offer outplacement programs which support former employees until they find a new job.
The Fair Work Ombudsman has a Notice and Redundancy calculator to help you work out what you’re entitled to. You can find out how much notice you should receive and any final redundancy payout.
Finding your next job
It’s understandable to feel overwhelmed when you start to look for your next job. If you’re not sure where to start looking, Seek, one of Australia’s largest job search sites, has a range of resources that provide career advice and resources for getting started. Not to mention thousands of job listings. If it’s been awhile since your last interview, have a family member or friend practice interview techniques with you
There are also a range of government employment service providers who can help.
How can super help?
If you’re experiencing severe financial hardship, you may be able to access some of your super early. See, when can you access your super for more information or call us on 1300 130 780 to find out if you’re eligible.
If you have Income Protection insurance through your super and you’re unable to work because of illness, injury or accident you may be eligible to make a claim.
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Do you have questions about accessing financial support?
You can speak to one of our experienced financial advisers at no extra cost.
Request a callback
1 Source: Roy Morgan multi-mode survey of Australians conducted on the weekend of April 12-19 2020 n=1,444
2 Source: Sydney Morning Herald, Unemployment reaches 19-year high in May after loss of 227,000 jobs, 18 June 2020
3 Source: Seek, Seek Employment Snapshot, 12 June 2020
Advice about your super is included in your membership fees.
