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For example, you might receive two to four weeks of pay per year of service. In a recent mass layoff at Google, workers received 16 weeks of pay, plus two weeks for every year of service.
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.
Don't get mad, get severance! Who isn't upset when they hear the news that they're being laid off? Instead of getting angry and storming out, or going quietly into the good night, the best thing ...
Here are five key takeaways about severance packages: 1. You Don’t Have to Sign Your Severance Package on the Spot If You’re Over Age 40 ... it’s also a good idea to secure letters of ...
Severance pay is not mandatory; however, employers usually offer severance package as a gesture of goodwill and competitive advantage. Severance pay is paid, if any, based on employee’s years of service and contribution to the company. It may also include continuation of benefits and other perks (health insurance, outplacement assistant, etc.).
“Research your industry’s standards regarding severance packages and be realistic about what you are asking for,” Mercer said. “Remember the goal is to reach an agreement that is fair and ...