How to manage your finances during IT layoffs
1/5
Build a safety buffer
Gather 6-12 months of household expenses and fixed EMIs into a fund using savings, severance, or liquid investments.
2/5
Trim non-essential costs
Cut discretionary spending (rent, dining out, travel) and consider relocating or downsizing housing if needed.
3/5
Explore interim income options
Take up gig work, freelance tasks, or part-time jobs to ensure income flow while you seek full employment.
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4/5
Be cautious with emergency withdrawals
If unemployed, you can withdraw up to 75% of EPF corpus; avoid touching long-term savings like NPS/PPF unless absolutely necessary.
5/5
Upskill for resilience
Update skills traded in the industry (like modern tech tools), build networks, and stay relevant in a shifting IT job market.