Severance Package

A severance package is pay and benefits an employee receives when they leave employment at a company. In addition to the employee's remaining regular pay, it may include some of the following: An additional payment based on months of service Payment for unused vacation time or sick leave. A payment in lieu of a required notice period. Medical, dental or life insurance Retirement (e.g., 401K) 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.
Posts about Severance Package
  • Paradise Lost – Firing an Employee on Vacation

    … as a term in each and every employment contract. If an employer breaches this duty, a court may award an employee who brings an action for wrongful dismissal additional damages, known as aggravated or punitive damages, above and beyond any requirement to pay severance. Terminating an employee while he is on vacation, a time that is intended…

    Wendy Woloshyn/ 17 readers -
  • We Will Give a Loan to Anyone Who Can Fog a Mirror

    … became a living Hell but he didn’t simply take a severance package or find a new job. Instead he filed a whistleblower retaliation complaint. According to Winston, the company tried settling but he opted for a jury trial. In February of 2011, Winston was awarded $3.8 million by a California jury. Winston’s battle is over but Countrywide and its…

    Due Diligence- 48 readers -
  • Steps for Surviving a Job Loss

    … easier. The following are some examples of ways to survive a sudden loss of a job. Collect your final paycheck – After termination, Missouri law1 requires an employer to issue your final payment for all hours worked on the last day of employment or within seven days of you making a written request for the check. Discuss any severance offers… 12 readers -
  • Event: Lunch Seminar for Employers with Heather Hettiarachchi

    … and human resources specialist Heather Hettiarachchi will teach managers and business owners about “best practices” for employee dismissal. Topics will include: Your legal and financial obligations on termination How to structure a severance package Protecting yourself with a written employment contract To register, please contact our…

    Wendy Woloshyn/ 33 readers -