What Will Be Included In Your Job Relocation Package?
If you’ve been offered a job that’s not in your current city, or your present employer will be transferring you to a new location, you could be eligible to receive or be in a position to negotiate a relocation package.
What Is A Relocation Package?
Moving from your old home to a new home can come at a price. And the further away the move is, the higher the costs can become. A relocation package is an offer given from an employer to an employee for all, or partial moving expenses that occur if you need to relocate for a new or existing job. It is not a requirement to provide a relocation package, however, many companies do cover relocation costs. Some will pay for the total cost of the move; others will provide a fixed dollar amount and in some cases, the employer will coordinate and pay for the relocation using movers of their choice. If you are not offered or able to negotiate a relocation package, consider whether taking the job will be the right move.
What Will Be Included In The Relocation Package?
Although each relocation package might differ from one company to another, a typical relocation package could include:
Finding a new home – An all expense paid trip to find a new home in the location where you will be working. The costs covered could include: hotel, transportation and reimbursem*nt for any additional costs.
Costs to sell / buy a home – If you will be selling your home and buying a new one, common costs such as closing costs, commissions and any other associated costs are typically included in a relocation package.
Temporary housing – The company might provide Temporary Housing when Moving while you find a permanent home.
Job search – If your spouse will also be relocating and need to find a job, you might receive assistance from your company.
Professional movers and packers - Many companies will include in their relocation package the costs to hire professional movers, and packing/unpacking services.
DIY move – If you’ll be moving yourself, many employers assist with the cost of purchasing moving supplies, renting a truck and any additional costs, such as gas and lodgings.
Transportation – For a long distance move, you may need to have your car professionally transported.
Storage – If you will be relocating temporarily, or need storage during the moving process your company might assist with storage costs.
Breaking a lease – If you need to break a lease on your current rental prematurely, you could be liable to pay the remainder of the rent, or a set fee. Your employers could assist with these costs if you are breaking the lease due to work.
Studies – You may be required to learn a new skill, or even a new language if you’re Moving Internationally. Make sure any costs are covered in your relocation package before making the move.
Before you say yes to the job and relocating to a new location, go through the details of the relocation package thoroughly with your employer to make sure you understand what is and what might not be covered in your relocation package.
Recommended Reading
Tax Deductible Moving Expenses
