The global financial crisis has brought challenging consequences. Jobs were lost, most companies closed, employees dismissed and prices of food and commodities increased.
Cost cutting has become the trend for most companies. One way of cutting costs is through mass lay off. First to go are employees who are getting high salaries and benefits. Oftentimes, these are old employees.
Older employees are replaced with young and healthy ones who ask for less salary and benefits. By doing so, work is not compromised and costs are minimized. Consequently, older employees are forced to find another job or stay at home.
Should they decide to find another job, chances of being hired are slim. Just like their previous employers, a potential employer may also be cutting costs thus, prefer young employees.
The impact of the dismissal from work of old employees is greater. Aside from being jobless, they might be under treatment or medication for certain illness. With the increasing expenses but depleting resources, they are left with no choice but to file a Social Security disability claims.
Consequently, the financial crisis has indirectly caused the increase in disability claims. As long as people continue to lose jobs, disability claims would pile up. In fact, the Social Security Administration revealed that applicants incr
eased by 15% during the last 2 years.
No wonder, the filing of disability claims has been made as an alternative of dismissed employees who are in need of financial assistance.
Cost cutting has become the trend for most companies. One way of cutting costs is through mass lay off. First to go are employees who are getting high salaries and benefits. Oftentimes, these are old employees.
Older employees are replaced with young and healthy ones who ask for less salary and benefits. By doing so, work is not compromised and costs are minimized. Consequently, older employees are forced to find another job or stay at home.
Should they decide to find another job, chances of being hired are slim. Just like their previous employers, a potential employer may also be cutting costs thus, prefer young employees.
The impact of the dismissal from work of old employees is greater. Aside from being jobless, they might be under treatment or medication for certain illness. With the increasing expenses but depleting resources, they are left with no choice but to file a Social Security disability claims.
Consequently, the financial crisis has indirectly caused the increase in disability claims. As long as people continue to lose jobs, disability claims would pile up. In fact, the Social Security Administration revealed that applicants incr
eased by 15% during the last 2 years.
No wonder, the filing of disability claims has been made as an alternative of dismissed employees who are in need of financial assistance.
