TCS layoffs: India’s largest IT company TCS has planned to lay off 12,200 employees. This has caused concern among IT professionals. However, layoffs in companies from time to time are nothing new. It is very important for employees to prepare themselves to deal with difficult times.
12,200 employees are going to lose their jobs in TCS. This news of layoffs in the country’s largest IT company has come as a big shock to the employed people, especially IT professionals. This may be a sign of increasing pressure on the IT sector. IT companies are facing turmoil due to artificial intelligence, weak demand and tariffs.
Meanwhile, TCS CEO and MD K Krithivasan has said that this is one of the toughest decisions taken so far. The company has taken this decision with the aim of strengthening itself and preparing for the future. The question is what options will be available to the employees who will lose their jobs?
Prepare yourself for difficult times
It is important for working people to prepare themselves for difficult times. The need for this is being felt once again due to the layoff in TCS . Financial planning can solve their problems to some extent. A person gets a big shock when he suddenly loses his job ( layoff ). It also affects his ability to think and understand. If he does not have good support for essential expenses, then his problems increase further. The effect of layoff not only affects the individual but also every member of the family.
Emergency fund for sudden emergencies
Financial planning is necessary for difficult times. Emergency fund is the first step towards financial planning. You should have an emergency fund for at least 6-12 months of expenses. Emergency fund money can be kept in bank savings account and liquid fund. Emergency fund can also be created through EMI in liquid fund. If you have many savings bank accounts in which money is lying, then it can also be used to create an emergency fund. If you have invested in an insurance plan in which the insurance component is not much and its return is low, then money can be withdrawn from it to create an emergency fund.
Must buy life and health insurance
If you have not taken a life insurance policy with adequate cover, then buy it soon. It provides financial security to you and your family. Health insurance is also very important. The reason for this is that the health policy provided by the company ends as soon as you lose your job or leave the company. If you have your own health policy, then there is no need to worry about any medical emergency even after losing your job.
Be disciplined in your spending and stick to your budget
If your source of income has stopped, then first of all you have to stop those expenses without which you can do your work. For example, then it would be foolish to buy home appliances and gadgets. You have to focus only on expenses like house EMI, school fees, utility bill payments, insurance premium. If you spend according to a budget, then it will be very convenient.
Avoid using retirement funds
Many people start using their retirement funds when they lose their jobs. This is not right. If you have invested in shares, mutual funds etc. for post-retirement expenses, then do not try to withdraw money from them. Do not even think of withdrawing money from NPS and PPF. Withdrawing money from retirement funds will cause you a lot of loss in the long run.
