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The Cost of Being Unemployed
If you are unemployed, it is critical for you to understand how much salary you are actually losing by being unemployed.
According to the U.S. Department of Labor (Bureau of Labor Statistics), the unemployment rate is currently above 10%. This represents over 15M people; the highest national rate since April, 1983. Of those who are unemployed, over 35% have been jobless for 27 weeks or more.
The BLS states the average duration for a job search is 28.1+ weeks.
This means if you were earning $70,000 and it took you 28 weeks (140 business days) to find a new job -- you lost $37,660 by being unemployed!
Professional assistance can help to reduce the averages above. Trimming just a week or two off your job search can save you a significant amount of money, whether in savings, or in lost income.
Please refer to the chart to see how you are affected.
Salary/Loss of Gross Pay Calculations
| Salary |
Weekly Pay Loss |
| $40,000 |
$770 |
| $50,000 |
$960 |
| $60,000 |
$1,155 |
| $70,000 |
$1,345 |
| $80,000 |
$1,540 |
| $90,000 |
$1,730 |
| $100,000 |
$1,925 |
| $120,000 |
$2,310 |
| $140,000 |
$2,690 |
| $160,000 |
$3,075 |
| $180,000 |
$3,360 |
| $200,000 |
$3,845 |
