If you’ve just been laid off, you have plenty to take care of as you leave: negotiating severance, collecting your belongings, processing feelings, starting to apply for new roles.
But be careful not to overlook the ways you may be on the hook for some costs on your way out, experts say, such as settling an overdraft on your paid time off or paying back an outstanding 401(k) loan.
“When you’re laid off, it’s stressful for you, and you may not be thinking clearly in the moment,” says Wende Smith, head of people operations at BambooHR. Anything you might owe is “typically tied to some sort of a contract,” she says, so that’s a good place to start.
She suggests referring back to any prior agreements you signed, including when you were hired, and consulting plan or program documents outlining the fine print around benefits and perks to see what happens to these in the event of your exit, and what you might owe, if anything.
Though the details will vary depending on your specific circumstances and your company’s policies, here’s what experts say employees usually do and don’t need to worry about when it comes to exit costs after a layoff.
