Shared-work Programs
In times of serious economic downturn, businesses may be forced to lay off valuable employees in order to remain profitable. In turn, employees who find themselves unemployed may have difficulty paying their bills and may turn to bankruptcy in order to relieve their mounting debts. Recently, many companies have been experimenting with alternatives to layoffs, including shared-work programs.
Shared-work programs often involve the reduction of work hours for some employees in order to avoid layoffs. Some programs involve reducing hours for full-time employees to 30 hours a week or less, which may be difficult to deal with but is often better than a complete job loss. If you are facing serious financial struggles and are considering bankruptcy, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 1-800-975-5346.
Benefits of Shared-work Programs
Common benefits of shared-work programs include:
- Effective alternative to layoffs at some businesses
- Allows employees to remain at the company and return to normal schedules when the market recovers
- Gives employees time to work second jobs or seek alternative means of income
- Some states allow employees placed on shared-work programs to collect unemployment benefits to subsidize their incomes
Although layoff alternatives like shared-work programs often involve a significant reduction in work hours and pay for many employees, it is often a preferable alternative to layoffs.
Contact a Boston Bankruptcy Attorney
If you are facing serious financial difficulty and find your job’s shared-work program is not enough, contact the Boston bankruptcy attorneys of Joshua Spirn & Associates at 1-800-975-5346 to discuss your options.
