Retrenchment is on the rise. According to Stats SA unemployment is up 1.8% year on year and is likely to worsen due to looming retrenchments in the mining industry.
Mining retrenchments will shake even seemingly solid ground.
Mining impacts our whole economy as it is the biggest single contributor to our GDP. Businesses that supply the mines with goods and services will most likely start feeling the pinch with orders for their products slowing down; forcing them to make difficult decisions too. And from there, their suppliers and manufacturers will experience the same pressure.
You can see how this ripple effect will have far-reaching consequences for a wide range of businesses and will affect many people.
161 000 People lost their jobs in the second quarter of this year alone.
This,coupled with the Stats SA report, shows that nobody’s job is safe anymore.
Take comfort in knowing you’re prepared for a turn of bad luck.
I have submitted four retrenchment claims on behalf of clients in the past 60 days. Thanks to their retrenchment benefit, these clients are receiving an income for a period of six months to assist them while they find a new job. They have peace of mind, knowing that they can still pay for all the things that need paying – school fees, bonds, vehicles, food – without stressing about when they’ll next have an income.
We offer the most comprehensive retrenchment cover in the market with Liberty paying you a monthly income for a period of six months if you are retrenched.
If you have not done so already, let’s look at adding the retrenchment benefit to your policy.
We don’t know what the future might hold, but we certainly can be prepared for it whatever it brings. Give me a call or send me a mail so that we can meet to discuss adding the retrenchment benefit to your policy.