Connect the dots...

(The author is the Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to mailfpc@ yahoo.com)  


... for a bright financial future..

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Life is all about connecting the dots to arrive @ a better picture... Right from the Kolams and Rangolis which are made @ our homes... When the dots are scattered, the picture is incomplete. Only when the dots are connected do we get a complete picture...Financial planning is all about connecting the dots like in a Rangoli...


What are the dots do we need to connect to achieve our financial goals?


Dot 1. Save enough money and invest the right way.

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The fundamental is to start saving and mere saving is not sufficient, but doing the investing the right way is paramount.


Dot 2. Take EMI (Easy Monthly Investing) route:

Invest in a regular and regulated fashion. The set flow needs to be regular and periodic towards a goal which means no inconvenience to your regular cash flows.


Dot 3. Have enough life insurance.


Stakes are high for all of us; our family is dependent on us increasingly, the dreams are soaring, the aspirations are growing, priorities are changing fast. Having adequate life insurance to the fullest possible extent gives the financial security to the family in case of a misfortune. In simple terms, in one's absence, life insurance becomes a tool for financial security for the family. 

@ any point of time, one should have atleast a life cover of 10 times of the annual income. If one's annual income is 10 lacs, the cover should be 1 crore. And this proportion should be maintained as one grows up in the income levels. The rationale is, on one's absence, the family will have money equivalent to the next ten years of current income. Check if you have enough life insurance cover for your and your family's benefit. And it doesn't cost much. For eg., for a healthy male of 35 years, for a 50 lac life cover, one needs to pay approx Rs 13,125 per year. Which means Rs 36/day, which am sure is affordable for all of us. Break fast these days cost nothing less than Rs 50. 


Dot 4. Identify your financial goals.

Our goals drive us in our lives. Goals on our career, family, children etc., It's going to be complicated if we try to lead a goal less life.. Life becomes an anchor-less ship when we do not have financial goals. We are in a T20 kinda situation, wherein the changes are quite rapid; only proper planning can lead us to our goals in a reasonably faster way. As we are on the move, it's difficult for us to manage so many priorities affecting our life. Having SMART goals help us measure our success and gives scope for reinventing. SMART goals can be assisted by a good financial planner like Money Avenues. 


Dot 5. Work on financial priorities.

Prioritizing our financial needs is very important for having a better financial life. We need to figure out which are the financial tasks which are important and urgent to execute and plan accordingly.


Dot 6. Invest long term.

Wealth is created not just by earning, but by investing smartly. Wealth creation should be like that of our hobbies; we don't collect stamps/coins overnight, but over a long term we amass a huge collection. Same is the case with wealth creation. Attempting to create wealth over the short term can lead to peril. Try to simplify the outflow on a regular basis and create wealth over the long run by investing smartly. 10-20 years of hard work of wealthy people appear overnight success for many of us. But that's not the case. Billionaires have created wealth with just pennies in their wallets. Wealth creation is not rocket science, but just plain smart effort.


Dot 7. Make a financial plan.

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Whatever was discussed above would not make any meaningful progress unless you have a proper financial plan in place. But, with our given constraints in career and personal lives, it is better to outsource this job to a financial planner like Money Avenues, which does this function day in and day out. Because, mere planning is not sufficient; it has be backed by constant reviews and monitoring. After all our lives are fast changing, so as our financial priorities.


And when we connect the dots, we get an amazing floor paint/kolam/rangoli... Same is the case with our financial planning. Act now and plan your financial future...

(The author is the Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to mailfpc@ yahoo.com)  

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Am I Entitled to Unemployment in Pennsylvania if I Accept a Voluntary Lay-Off?

My Employer Said it Would Not Contest My Pennsylvania Unemployment Claim; What Does That Mean?

I receive many phone calls from employees who accepted a voluntary lay-off (“reduction in force” or “RIF”) with a promise from their employer that it “would not contest unemployment,” only to later be denied unemployment benefits by the Pennsylvania Unemployment Service Center. Let me explain how this works.

When you apply for unemployment benefits, the Unemployment Service Center will immediately write to your employer to confirm your wages and the reason that you are no longer employed.  Correctly believing that it is required to provide such truthful information to the Service Center, the company truthfully states that you voluntarily accepted a RIF. In the employer's mind, and in fact, merely telling the Service Center these facts does not constitute "contesting your claim."

If I Accept a Voluntary Layoff, Can I Get Unemployment Benefits in Pennsylvania?

Depending upon the circumstances, the acceptance of a voluntary RIF is deemed a voluntary quit.  The key here is whether you were in line for immediate termination if you did not accept the voluntary RIF.  Unless you were slated for immediate termination (absent accepting the voluntary RIF), accepting the voluntary RIF will be deemed to be a quit "without necessitous and compelling reason," and you will be ineligible for benefits. 

However, if you were given the choice between immediate termination and voluntary RIF, and selected the RIF, you will be eligible for unemployment, provided that your termination was indeed imminent. If this option is presented to you, you should call an employment lawyer at once prior to accepting or rejecting the offer. The key here is that your termination must be imminent not, for example, something that will very likely occur a week, month or year down the road.

What is Better, Severance or Unemployment Benefits?

Of course, the main dilemma one faces is weighing the benefits of the severance and benefits offered in connection with the RIF against the value of the unemployment benefits you receive if you are terminated as part of a RIF (if you are RIFed, you will be entitled to unemployment benefits – assume your benefits will be the equivalent of roughly 10% of your earnings, with the maximum being $575 per week for at least 26 weeks).

Additional questions on Pennsylvania Unemployment Law? Click Here to go to our Post addressing FAQs on a wide variety of Pennsylvania unemployment law issues.

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Click Here to read our answers to the most common employment law related questions.  We discuss discrimination, retaliation, overtime, independent contractor claims, Family and medical leave rights, and more.



Thank you for visiting my site, John A. Gallagher, Esquire.



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Voluntary Retirement and Unemployment in Pennsylvania

My Employer Said It Would Not Contest My Claim for Pennsylvania Unemployment, So Why Am I Being Denied Benefits?

I receive many phone calls from employees who accepted early retirement benefits with a promise from their employer that it “would not contest unemployment,” only to later be denied unemployment benefits by the Pennsylvania Unemployment Service Center. Let me explain how this works.

In order to be eligible for unemployment compensation in Pennsylvania, you must be available for suitable work. Thus, the first inference drawn by Unemployment when you advise that you are no longer employed because you “took early retirement,” is that you have retired not just from your former job, but from all employment. Since true retirees by definition are presumed to no longer be looking for work, the Service Center will immediately lean towards denying you benefits on the grounds that you are not available for suitable work.

The Service Center will then contact your former employer, and ask it to provide truthful information as to why you are no longer employed.  Correctly believing that it is required to provide such truthful information to the Service Center, the company truthfully states that you took early retirement.  In the employer's mind, and in fact, merely telling the Service Center these facts does not constitute "contesting your claim."

Can I Get PA Unemployment Benefits If I Retire from My Job?

However, you can get over that hurdle by advising that you merely retired from your former job, but are still interested in pursuing employment.

Assuming you are not truly retired, the next (and biggest) problem you have is that your retirement was voluntary. A voluntary retirement is considered a voluntary quit. If you retire in order to obtain a severance or retirement benefits, but would otherwise have remained employed had you not elected to retire, you will not be entitled to unemployment benefits.

You Can Get Unemployment Benefits in PA if You "Retire" in Lieu of Immediate Termination

However, if you were given the choice between immediate termination and early retirement, and selected early retirement, you will be eligible for unemployment, provided that your termination was indeed imminent. If this option is presented to you, you should call an employment lawyer at once prior to accepting or rejecting the offer. The key here is that your termination must be imminent not, for example, something that will very likely occur a week, month or year down the road.

Can an Offer of Retirement Versus Termination be Evidence of Unlawful Age Discrimination?

I should note, also, that if you are given the option between retirement and immediate termination, there is a reasonable likelihood that your age is playing a role in the employer's decision-making. If that is the case, you may very well have an age discrimination claim. Hence, where such circumstances are presented to you, you should certainly consult with a qualified employment lawyer before making a decision on the options presented to you by your employer.

Of course, the main dilemma one faces is weighing the benefits of the severance and benefits offered in connection with the RIF against the value of the unemployment benefits you receive if you are terminated as part of a RIF (if you are RIFed, you will be entitled to unemployment benefits – assume your benefits will be the equivalent of roughly 10% of your earnings, with the maximum being $575 per week). The dilemma is intensified because, in most cases, you will only ne provided the retirement benefits if you sign a Release, which will eliminate your right to later file a lawsuit for age discrimination.

Additional questions on Pennsylvania Unemployment Law? Click Here to go to our Post addressing FAQs on a wide variety of Pennsylvania unemployment law issues.



John and His Lovely Wife, Katherine



Interested in the soup to nuts on employment law in general?  Click Here to read our explanation of the most significant principles faced by employees in the United States.

Thank you for visiting my site, John A. Gallagher, Esquire.

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FILING A CHARGE OF DISCRIMINATION IN PENNSYLVANIA - A FEW TIPS

Do I have to file a Charge of Discrimination with a state or federal agency before I can file a lawsuit in Pennsylvania?

Yes, you do. And, if you do not file one within a specified period of time, your rights to ever file a lawsuit will be lost forever.

If you believe that you have been subjected to a hostile work environment, have been a victim of sexual harassment, have been treated in an unlawful discriminatory fashion or have been subjected to illegal retaliation because you sought to protect your rights under statutes such as Title VII, the Age Discrimination in Employment Act or the Americans with Disabilities Act, then you must file a Charge of Discrimination with state and/or federal agencies before you can file a lawsuit in state or federal court.

In Pennsylvania, the state agency that you may file a Charge of Discrimination with is called the Pennsylvania Human Relations Commission (“PHRC”).

NOTE: Employees who work in the City of Philadelphia may also file a Charge of Discrimination with the Philadelphia Commission on Human Relations (“PCHR”). This Post does not focus on PCHR, instead dealing with PHRC and EEOC only.

Employees of larger companies (see below) also have the right to file a Charge of Discrimination with the Equal Employment Opportunity Commission (“EEOC”), which is operated by the United States Government.

The relationship between the state and federal agencies identified above can be very complicated. For purposes of this Post, I want to talk about how your choice of where to file first can affect your right to later file suit in court.

Am I protected from illegal discrimination and retaliation under both state and federal laws?

Yes, depending upon the size of your employer. Federal law came first in the form of Title VII. State laws such as the Pennsylvania Human Relations Act (“PHRA”) then followed.

In many regards, Pennsylvania's state laws and federal laws such as Title VII are virtually identical. However, there are some very important distinctions.

For example, Title VII only protects employees that work for companies that have more than 15 employees. If you work for smaller company, say one that has 10 employees, you will be protected under Title VII.

Pennsylvania law, on the other hand, protects employees that work for companies that have more than 4 him employees. So, if you work for a company that has more than 4 but less than 15 employees, your only rights under discrimination laws are found under PHRA.

In addition, Title VII “caps” the amount of money that you can recover in a lawsuit. Stated otherwise, it limits the amount of money you to recover, no matter how much a jury awards to you. Pennsylvania law, on the other hand, contains no such “caps.”

Should I file a Charge of Discrimination under both state and federal laws?

Provided that the company in question has 15 or more employees, absolutely. In such instances, most people file a federal lawsuit under Title VII, and include state claims as well. In this way, a plaintiff may take advantage of the faster federal court system and broader geographic reach of the jury pool (and thus avoid being “hometowned” by a prominent local employer), while at the same time taking advantage of the PHRA’s more generous damage provisions (i.e. no “caps” on recovery).

How long do I have the file a Charge of Discrimination in Pennsylvania?

To preserve all of your rights under PHRA, you must file a Charge of Discrimination within 180 days of the act(s) you believe to be unlawful. Sometimes, that act may be a suspension, demotion or a failure to promote. In most cases, it will be the date you are terminated. Figuring out on what date your rights were first violated can sometimes be complicated, and you should seek counsel to discuss.

NOTE: Since terminations most frequently spark discrimination charges – let me make clear: Any employee that believes that his\her termination was illegal must file a Charge of Discrimination with the PHRC within 180 days of the termination or all rights under PHRA will be lost.

To preserve all of your rights under federal laws such as Title VII, you must file a Charge of Discrimination with the EEOC within 300 days of the act(s) you believe to be unlawful.

Do I file my Charge of Discrimination with the EEOC or with the Pennsylvania state agency, PHRC?

I almost always file with the EEOC first, and ask it to notify PHRC that I have filed a Charge, so that PHRC may docket the charge as well (provided I am doing so within 180 days of the illegal act(s) at issue – if more than 180 days have passed, I just file with EEOC). This is known as “dual filing."

I seldom file with PHRC first.

Why?

A person initially filing a Charge of Discrimination with the EEOC may, after the passage of 180 days, ask EEOC to issue a “Right to Sue” letter. With such “Right to Sue” letter in hand, the Charging Party may then file a suit in federal court without further delay. Thereafter, I advise PHRC that I have filed suit and it will close its case, so that I may add state law claims to my federal lawsuit.

A person initially filing a Charge of Discrimination with the PHRC, on the other hand, must wait at least one year before he\she may file suit under either state or federal law. So, if you file with PHRC first, that you cannot get a Right to Sue letter from EEOC until after at least one year has passed, even though if you had filed with EEOC first, you could have gotten Right to Sue letter after 6 months and proceeded to court.

Since, in most cases, the EEOC and PHRC have little opportunity to complete their investigation of Charges of Discrimination within a 12 month period of time, those with solid claims who wish to have their rights adjudicated in court in an expeditious fashion should file or Charge of Discrimination with EEOC, dual filing with PHRC, and proceed accordingly.

NOTE: If you do not have counsel, you may find that the PHRC will do more to investigate your claim, and you may want to file there first accordingly.

Questions About Pennsylvania Unemployment Law?  Click Here - we answer many of them!

Questions About Employment Laws? Click Here - we answer many of them!


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John A. Gallagher, Esquire, Philadelphia Area Employment Lawyer for Employees

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