Severance Package Hide Comments For Free

When you sign a severance agreement, you agree to specific clauses contained within.Thus, if you feel that your termination was unlawful, but your severance agreement states that you cannot bring any unemployment discrimination claims, you likely cannot sue your employer.

The agreement should cover how the employee's benefits will change, what their severance payment will be, and what benefits are extended to them by taking up the agreement (such as outplacement).

Just as your employer typically does not have to offer you any severance, your employer can withdraw an offer if you do not accept it before it is withdrawn.If you ask for more severance, your employer could withdraw the offer and you could end up with nothing or less than the initial offer.

Severance packages may include salary continuation; vacation pay; continued, employer-paid period of benefits coverage; employer-paid COBRA premiums; outplacement services; counseling and resume workshops; and more.

If you are serious about maximizing your opportunity for a better severance package, you should consider hiring an experienced severance attorney to review your severance agreement, evaluate your employment history and help you negotiate your severance package.

Employers can cancel or change their severance policies unless you and your employer have a written or oral employment contract stating that you will be paid a specific amount for your severance.

If you look at the question Should I take the package? from a pure risk-management standpoint, then you should take the package, because if you take it you are guaranteed four months of income, and if you pass on the package you are not guaranteed four months or even four weeks.