Relocating For Work? Find Out What Your New Employer Is Offering
Nkechi just got her dream job after job hunting for almost seven months without any positive outcome. She almost threw in the towel multiple times but her mum and siblings kept encouraging her and pushing her. Nkechi has lived in Lagos all her life but this new job is in Abuja so she has to relocate there.
At first, Nkechi wanted to turn down the job when she realized that she would have to relocate but her new employer let her know that her housing was going to be covered by the company. A very excited Nkechi is making plans and packing her things in order to move to Abuja but she has not asked her new employer in-depth questions about their plans concerning taking care of her housing and this is wrong.
Many people are like Nkechi. They get excited and distracted by all of the amazing possibilities that moving to a new city for work could bring. As soon as their new employer tells them they will take care of their housing, they believe all is well and they fail to ask questions. In-depth questions.
This is wrong and risky because one could find themselves in an uncomfortable situation that they never expected to be in. In the midst of all of that excitement, it is important that you find out what your new employer is really offering you in terms of housing assistance. This plays a large role in structuring your movement and your finances too.
There are a few things you should look out for if you are going to be relocating for a new job and they are:
If you get a new job that requires you to relocate, then it is possible that all of the traveling and relocation expenses that you will incur are deductible if they are up to the standards of the Federal Inland Revenue Service (FIRS) concerning distance and the duration of work done after relocation. If your new employer is giving you a reasonable amount of money to take care of your relocation expenses, the money given is considered to be taxable as earnings. Either you or your new employer bears the cost of such taxation.
If you do not know a lot about tax laws, things can get difficult and confusing for you. Ensure that you do not misplace any of your relocation receipts and try talking to a tax or legal advisor in order to make sure that you are on the right track as far as the FIRS is concerned.
Find Out If There Is Extra Assistance
Relocation packages vary from company to company. Some companies only cover housing while some other cover housing, transportation and even aid employment for the new employee’s partner in case he/she is married. In a situation where a new employee already owns his/her home, they could try to sell it and use the money to augment any personal expenses that come from them relocating. Should there be any delay in finding a buyer, the company can decide to assist with finding a buyer.
A lot of people have found themselves in very unpleasant situations as regards relocating for work because they assumed and concluded without finding out things in detail from their new employer. If you are required to relocate for a job, then the details of your relocation is meant to be talked about along with the job offer. If it is not, be bold enough to bring it up and ensure that you state all the services that are necessary for your relocation.
Do not ever make the mistake of guessing, assuming and concluding without making proper verification and research. If you have to travel down to the new city you will be moving to for a few days, then do it. This allows you to explore a variety of neighborhoods within the city, compare prices and make a decision.
Have you had to relocate to somewhere else to start a new job? What was your experience like? Share with us in the comments!