What is the definition of lay off, retrenchment and closure?
Definition and Explanation: 1 on account of the shortage of coal, power or raw materials or the accumulation of stocks or the breakdown of machinery [or natural calamity or for any other connected reason] 2 to give employment to a workman whose name is borne on the muster rolls of his industrial establishment 3 and who has not been retrenched.
What was the Dow average on September 19, 2008?
On Friday, September 19, the Dow ended the week at 11,388.44. It was only slightly below its Monday open of 11,416.37. The Fed established the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility. It loaned money to banks to buy commercial paper from money market funds.
What happens when you get a short time lay off?
A lay-off is if you’re off work for at least 1 working day. Short-time working is when your hours are cut. There’s no limit for how long you can be laid off or put on short-time. You could apply for redundancy and claim redundancy pay if it’s been: You should get your full pay unless your contract allows unpaid or reduced pay lay-offs.
When did the stock market crash in 2008?
The stock market crash of 2008 occurred on September 29, 2008. The Dow Jones Industrial Average fell 777.68 points in intra-day trading. Until 2018, it was the largest point drop in history. It plummeted because Congress rejected the bank bailout bill.
How many jobs were lost in the United States in 2008?
“It’s just an enormous acceleration of job losses.”. By comparison, the 2.6 million jobs lost in 2008 nationwide were equal to the number of jobs found in states such as Wisconsin, Missouri or Maryland.
What was the number of part time jobs in 2008?
A growing number of workers seeking full-time jobs were able to find only part-time work. Those working part-time jobs – because they couldn’t find full-time work, or their hours had been cut – jumped by 715,000 people to 8 million, the highest since such records were first kept in 1955.
What was the unemployment rate in December 2008?
A sobering U.S. Labor Department jobs report Friday showed the economy lost 524,000 jobs in December and 1.9 million in the year’s final four months, after the credit crisis began in September. The unemployment rate rose to 7.2% last month from 6.7% in November – its highest rate since January 1993.
When did the federal government shut down in 2013?
United States federal government shutdown of 2013. Late in the evening of October 16, 2013, Congress passed the Continuing Appropriations Act, 2014, and the President signed it shortly after midnight on October 17, ending the government shutdown and suspending the debt limit until February 7, 2014.