Hello all,

Expatica is currently working on a number of articles (across all country sites) regarding the credit crunch and how the global downturn is affecting expats.

We would like to ask our forum users in particular, how the recession is influencing them. So if you have an opinion on the matter, or have an experience to share, then please post in this thread.

You could also simply give a yes or no answer to the question: 'Has the current financial crisis affected you?' in the poll above.

The editors may also contact those members who have added a comment, to ask for a quote or to contribute to one of the articles.

Kind regards,
Matt (Admin)

So far it's been all positive effects from the crisis. Being a highly skilled expat ensures that your job is secure, and not being ridden with debt puts one in a strong financial position.
We can still take advantage of the dropping prices for accommodation and other stimulus incentives.
Looking ahead it's only a matter of how much worse the global situation is going to get. There's still scope for things to turn to custard.

Unfortuntely I'm not as optimistic.
I was due to start work in Rotterdam on the 2nd of May 2009, at a consulting house. This after the contract has been postponed twice since February 1. The contract has been cancelled stating that no projects were available, as the capital investments have been frozen untill further notice. They also stated that they searched the whole of Europe, but nothing has materialized.
I left my full time job on the 28th of Febuary, which puts me in the unemployed class. As I'm not in the Netherlands yet, I don't seem to have any recourse.

How do you figure that?

What if they cancel your project? This can happen, you know. Be careful with your hard earned money.

The impact of the financial crunch has semi-affected me as being retired, money put into RRSPs/investments has seen the value of them drop significantly. But as they are long term investments I have every confidence that this crisis is only temporary and pent up consumer demand will lead the road to recovery.

The effect on many expats though began quite some time ago if they are paid in homeland currencies and then have to convert those to Euros.

Sorry to hear that.

Yep, I have being impacted. Few of my colleagues, including myself, have lost our jobs at the end of December 2008. We were working for an International Company and are considered high skilled expats. So, NO jobs are secured!!!

This week, I was talking with a person at the Work Agency and she confirmed that in the last 3 months, a lot of expats have lost their jobs and the competition is very high when applying for a position.

But, what I don't get is that when we apply for a suitable position which fits our salary and career expectations , we get answers like "sorry, you are overskilled". I just don't understand why Companies would refuse to hire an overskilled candidate.... that beats me!!

Other than that... ummmm well... We have noticed that grocery and other stuff ARE getting more expensive... so, we are paying more attention to the sales reduction and coupons Something we should have done before anyway!!! Finally, we are more cautious on our expenses.

Hi,

This just-published article gives the do's and don'ts of how to approach settling a job termination in the Netherlands.

Rule of thumb: Don't sign any terms of agreement if you are a knowledge migrant.

For all expats, Dutch lawyer Sanne Van Ruitenbeek gives these Do’s and don’ts:

“Be aware that your employer should respect Dutch and international law even though your contract may state otherwise and that the regular Dutch severance calculations should be adjusted to your expat situation. Do not sign any termination agreement before obtaining advice from an expert and contact a lawyer as soon as your employer mentions that they intend to fire you.”

Read the article here:
http://www.expatica.com/nl/employment/empl...8.html?ppager=3

My husband is an expat here and on a contract that will expire in two years time - the impact of the credit crunch has us worrying that the contract will be terminated before its time has come, and as he does not speak Dutch and is on a work permit issued by his employer we worry that we might have to leave the Netherlands. With this in mind we have both totally cut down on excess spending and are living as frugally as possible so that should we suddenly find him unemployed, we have a nest egg to fall back on. We have a mortgage to pay, and in the current climate we worry that should his contract be terminated we will find ourselves unable to sell our apartment. I appreciate that this may be small fish worries compared to other people's concerns, but am just answering the topic!

Oh lordy no! It's scary...but you are really wise to be doing what you're doing. My company laid off a few permanent contracts, so nobody is really safe right now.

But if you are wrong, you'll be that farther ahead in two years!

Thanks CW for your words of sympathy! When I watch the BBC news and listen and read people's stories of how they have been affected by the credit crunch, losing homes and jobs, being unable to pay the mortgage and losing their homes, I feel awful that I am complaining about something that probably these people would love to have as their problem, if you get my drift. And my heart goes out to pensioners whose prudent life savings have all headed south.

Well, I have a job in France at a grand ecole. But I'm very surprised by the environment and that my "manager" who is responsible for marketing the MBA program - has no postsecondary education and no formal marketing or business training. Wouldn't the MBA students and paying parents be shocked? It took a couple months for her to come up w/ a mktg calendar to explain what I needed to do in the next 2 months...then it took 2 hrs for her to explain it. This is obviously not what I expected when I accepted a job at HEC.

I'm also frustrated because it took so long to get my new titre de sejour - which is a titre travailleur temporaire. I've been here for 4 months and have been paying into the mutuelle but cannot use it and have no info about it b/c I still do not have a social security number. When I wen with HR's instructions to secu...they told me I had the wrong information. AND to complicate things, HR is forcing me to use jours congees every time I need to go to the prefecture or to secu. My uneducated manager did once suggest that I was lying about appointments.

I would like to change my visa to the talents et competences - anyone know if I can do that in the middle of my CDD contract? or can I change it during my contract? Also, is this legit: I was offered a 11 month CDD. Then during the interview process I was told it was actually considered a perm position but that only a CDD could be given. Then to start b/c my carte de sejour had to be changed from a student status to worker status - I was given a 2 month contract as a stagaire w/ the salary etc of the letter of intent. And then i was hired for 11 months at the end of this once they had approval for my work contract. So clearly, the intention was not that there was only a job available for 11 months on a temp basis...they just do not want to hire on a permanent basis...which of course you know getting an apartment is harder when you have a CDD. But several people have told me that it is not legal to offer a contract in this manner...is that true?

So the long version of my response is that working in FRANCE has been a crap experience so far. sure I have a salary and vacation ...

An expatriat like myself, who receives a part pension payable in pounds sterling from the UK has seen its value cut drastically over the past year or so by over twenty per cent due to the dwindling exchange rate of the british pound vis-à-vis the Euro. Where will this lead to?

I almost accepted a job transfer to the UK last year, and for that reason alone I'm glad I had to turn it down. They attempted to adjust my salary to ensure that it was the equivalent in GBP to as what I received herein euros...That would have been worth a LOT less by now...and since my husband had to remain in Holland, my ability to help pay our Dutch financial obligations while I maintained a second household in the UK would have made life a nightmare...

I have been a victim of the Bush adminstrations economic disaster for over six years. The devalue of the dollar cut deeply into my income.
If the leaders of the world's nations are serious about stabilizing world financial markets, they must stop treating currencies as if they were commodities. When you allow speculators to trade currencies as if it were oil or corn, you create confusion that harms trade and travel. I believe that all currencies should be traded at parity. One dollar for one euro or peso. The cost of goods and services would reflect the economic wealth of the country were the currency is spent, not on the manipulation of a currency speculator.

Yes, I know. I've had the total misfortune of having had to loose nearly €9k so far over the last 6 months which has stressed and depressed me beyond what I normally experience never mind the trouble we've had with the on going building works and it costing more than planned. Looks like we'll have nothing left to furnish the place with.