covid-19 pandemic economy crisis

Laid off? Here’s how your severance pay will be taxed

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Covid-19 has wreaked havoc across the world, pushing some of the biggest economies into a lockdown to curb the spread of the pandemic.

The International Monetary Fund has said the world may experience its worst recession since 1930s. The slowdown is real and one of the most obvious aftermath is millions losing jobs.

You may do all that’s in your power to save that job but given the current crisis and no light seen at the end of the tunnel as of now, layoffs are inevitable and in most cases it may have very little to do with you or your performance.

If you do end up losing that job, your company is liable to let you go with a severance package. You may think you have enough to sustain yourself for the next few months with the settlement

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