Losing your job means a loss in income – but how long does it take to recover from the loss? New research shows that it takes less time to recover financially from a layoff than previously thought.
In the past, it has been seen that a dismissal can have financial consequences for life, meaning that the dismissed person never really recovers and receives the same salary as colleagues who were not notified. But new research shows that this is not the case for the vast majority.
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Income level back after seven years
In the years following a dismissal, the salary is usually less, but according to a study by the Institute for Labor Market and Education Policy Evaluation (IFAU), it has been shown that it takes about seven years to reach an income level that can be compared with other colleagues who were not dismissed.
Different types of notice have also been shown to have an effect on how long it takes to reach the original income level.
Those who are dismissed in connection with a longer period of notice usually have more difficulty finding a job again, in contrast to those who are terminated with a shorter period of notice.
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