Gyroscopic Investing

Tortoise wrote: ↑Sat Apr 11, 2020 2:09 pmHealth care?

MangoMan wrote: ↑Sat Apr 11, 2020 2:51 pm Isn't healthcare 'free' in Canuckville?

MangoMan wrote: ↑Sat Apr 11, 2020 3:02 pm

Smith1776 wrote: ↑Sat Apr 11, 2020 2:59 pm

MangoMan wrote: ↑Sat Apr 11, 2020 2:51 pm Isn't healthcare 'free' in Canuckville?

Only critical healthcare is "free." Stuff like dental is either paid out of pocket or covered by a plan, typically provided by your employer.

Critical? So you need to rely on the government to take care of you when you are most vulnerable? Sounds like a great idea.

Smith1776 wrote: ↑Sat Apr 11, 2020 1:48 pm Hey guys, I need your input on a dilemma.

Our company has decided to continue paying us, even though we're not working, till June 1st. However, we were recently given the option to take a voluntary layoff. Why? Because Canadians that are laid off due to COVID-19 can collect a $2,000 a month emergency benefit from the federal government.

Ok, salient facts:

- My current pay from my employer is about $1,000 a month
- The emergency benefit I could receive is $2,000 a month
- The benefit only lasts 4 months
- The emergency benefit has a long list of eligibility requirements. I have studied it, and I appear to be eligible.. but you never know. I'm afraid of clawback risk. (https://www.canada.ca/en/services/benef ... ation.html)
- People who choose the voluntary layoff will be first to get laid off for real if the company needs to start reducing staffing when stores reopen. There is no guarantee I will get my job back.

So, even though the emergency benefit is more than my actual wage, the benefit is only temporary, and there's no guarantee i'll be rehired when all is said and done.

I'd like your thoughts if you have any. Am I missing something? Another angle I haven't considered? I'd appreciate others' perspective.

Ad Orientem wrote: ↑Sun Apr 12, 2020 8:06 pm I'm leaning towards taking the layoff. My instincts are telling me that this mini SHTF (let's call it a practice run for when the Big One actually comes along) is going to start winding down around June if not earlier. So your unemployment may not be very long. In any case they are only promising to keep you on payroll up to June 1st. You have no benefits on the line and any serious medical issue is covered by your government. I'm not seeing a huge downside risk here. Ultimately though, this is your call and you should follow your gut.

yankees60 wrote: ↑Sun Apr 12, 2020 8:11 pm

Ad Orientem wrote: ↑Sun Apr 12, 2020 8:06 pm I'm leaning towards taking the layoff. My instincts are telling me that this mini SHTF (let's call it a practice run for when the Big One actually comes along) is going to start winding down around June if not earlier. So your unemployment may not be very long. In any case they are only promising to keep you on payroll up to June 1st. You have no benefits on the line and any serious medical issue is covered by your government. I'm not seeing a huge downside risk here. Ultimately though, this is your call and you should follow your gut.

I was hearing today that a full plan to deal with all that emerges is not going to fully be in place until about 18 months. I assume that is mostly taken up with the time to create a successful virus.

Vinny

Dieter wrote: ↑Mon Apr 13, 2020 12:17 am

yankees60 wrote: ↑Sun Apr 12, 2020 8:11 pm

Ad Orientem wrote: ↑Sun Apr 12, 2020 8:06 pm I'm leaning towards taking the layoff. My instincts are telling me that this mini SHTF (let's call it a practice run for when the Big One actually comes along) is going to start winding down around June if not earlier. So your unemployment may not be very long. In any case they are only promising to keep you on payroll up to June 1st. You have no benefits on the line and any serious medical issue is covered by your government. I'm not seeing a huge downside risk here. Ultimately though, this is your call and you should follow your gut.

I was hearing today that a full plan to deal with all that emerges is not going to fully be in place until about 18 months. I assume that is mostly taken up with the time to create a successful virus.

Vinny

I thought we already had a successful virus?

Smith1776 wrote: ↑Mon Apr 13, 2020 6:11 pm Hey guys, just an update. Thank you all for your replies and input. It was a super agonizing dilemma, but I finally reached a decision. I'm going to take the layoff.

Ultimately, the crux of it came down to two things:

1) I was worried that since the layoff was voluntary, that I technically wouldn't be eligible. (The CERB requirements page specifically says you have to lose your income for reasons beyond your control related to COVID-19.)

2) Those applying for the voluntary layoff would be first to be laid off for real if needed.

I decided to chat with some members of management. Apparently the HR and legal team has done a lot of work to ensure that we will have legal eligibility for CERB in regards to layoff status.

As for the second point, apparently it's way overblown. It's more likely that those with poor availability and poor recent work performance would be laid off.

So there it is. I will keep you guys updated on the process and how difficult/easy it becomes to get my hands on the funds. With this extra money the tuition burden will be a little easier this year.