Massive Lay-Offs Continue to 2010

In an article from Forbes.com, the recession continues be a real as ever for many employees.

Numbers from the Department of Labor (DOL) revealed that there was a great increase in the unemployment insurance in the week ending Jan. 9, with initial claims jumping by 11,000 to 444,000.

While this is the lowest level of initial claims since lowest level since August 2008 and that there was a 211,000 decrease in people still on unemployment after their initial claim, the DOL claims that the drop to 4,596,000 is largely due to people getting extended benefits.

Meaning, millions of Americans are still on unemployment benefits because they have yet to find a job.

Now for a lot of employees, particularly working in the companies which will be enumerated below, unemployment will be a sad reality for them this year.

Pharmaceutical mergers between Pfizer and Wyeth, as well as Merck and Schering-Plough will result to a massive lay-off for its employees. There will be 19,000 jobs cut at Pfizer along with 680 positions at two former Wyeth facilities.

There will be 16,000 lay-offs at Merck and its U.S. sales division will shrink down by as many as 500 jobs.

Colonial Bancgroup who was undisputedly the biggest bank failure of 2009 will be eliminating 244 jobs of former Colonial Bancgroup employees whose positions had become redundant.

Avon products is also set to let go 242 workers at a distribution plant near Chicago in anticipation of its move to Ohio.

Electric Boat on the other hand, which is also the defense-contracting conglomerate General Dynamic, while it is laying-off some off 400 to 600 workers, its sister shipyard in North Kingstown will hire about 400 in return.

Losing your job can be devastating and would often make you feel insecure about your future. But if you lose your job through no fault of your own, such as the mass lay-offs because of merger or downsizing, you are eligible to apply for unemployment. This will help you weather through job loss until you find yourself back up on your feet with another job. You may file for unemployment online but if you wish to get your claim approved as soon as possible, you may seek the assistance of a social security lawyer to help put together your application for easy approval.

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