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AP - The net worth of American households fell by the largest amount in more than a half-century of record keeping during the fourth quarter of last year, reflecting the blow families are taking from a plunging stock market and dwindling home prices.

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ADDITIONAL INFO Sacking a jobholder seems as easy as saying "you're fired" but this simply is not the case. 7) Give the date by which the worker should sign the separation settlement and tell the employee you encourage him to have a legal defender review it. But it is wise to have the case thoroughly detailed. As a proprietor, you have to remain objective as you collect information in the exit interview, and can't get defensive at the statements made by the jobholder. As well, most contracts list a given amount of time the employee should work before the business can consider termination or non-renewal of a contract. If you don't, you may be inviting a complicated litigation. They will also back up the business if the worker tries to come back with legal counsel claiming improper lay off. Further, the employee actively seeking work should accept an offer for a similar or better job. For any firing, you must write a professional and recorded lay off notification.

After preparing the COBRA paperwork for the employee, it is time to cut the final paycheck. On the account of this law, older personnel know they can sue, and they'll threaten it often against the company. Separating of Employees: Steps You must Take. Here's a sample written memorandum of lay off: First, a bad apple is a bad apple. Also, to keep the employee's anger as low as possible, keep the tone of this letter as polite as possible while still giving a truthful termination reason. If the business is big enough to have an Hr department, you must have them review the dismissal plan for legal compliance.