Severance Package

A Severance Package is a [[]] that ...

• See: Government Regulation, Termination of Employment, Annual Leave, Holiday Pay, Sick Leave, Pay in Lieu of Notice, Retirement, 401(k), 403(b), Stock Options, Résumé, Laid Off.

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References

2021

• (Wikipedia, 2021) ⇒ https://en.wikipedia.org/wiki/Severance_package Retrieved:2021-9-19.
  • A severance package is pay and benefits that employees may be entitled to receive when they leave employment at a company unwillfully. In addition to their remaining regular pay, it may include some of the following:
    • Any additional payment based on months of service
    • Payment for unused accrued PTO vacation time, holiday pay or sick leave unless the employee is picked up by the new buyer wherein all benefits become the responsibility of the new employer.
    • A payment in lieu of a required notice period.
    • Retirement accounts (such as 401(k) or 403(b) benefits)
    • Stock options.
    • Assistance in searching for new work, such as access to employment services or help in producing a résumé.
  • Packages are most typically offered for employees who are laid off or retire. Severance pay was instituted to help protect the newly unemployed. Sometimes, they may be offered for those who either resign, regardless of the circumstances, or are fired. Policies for severance packages are often found in a company's employee handbook. Severance contracts often stipulate that employees will not use the employer for wrongful dismissal or attempt to collect on unemployment benefits, and that if they do so, they must return the severance money.

    Severance packages vary by country depending on government regulation.

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