Severance Package Insert Page For Free

The name of the employer and employee. The effective date of the agreement. The employment period of the outgoing employee. The severance pay amount. Terms of continuation of benefits. Employee waiver of legal claims.

The purpose of this letter (also referred to as the Agreement) is to establish an amicable arrangement for ending your employment relationship, to release the Company from all legally waivable claims and to permit you to receive severance pay and related benefits.

Write the terms of the severance package in a formal list that you will present to the employee at the termination meeting. Include a line at the end of the document for the employee's signature agreeing to the terms.

Starting a new job before your termination date would be the same thing. When you are being paid in lieu of working during your layoff notice period, you are still officially working for your company. And if you start a new job during your layoff notice period, it's as if you quit your current job and taken a new one.

The severance pay offered is typically one to two weeks for every year worked, but can be more.The general practice is to try to get four weeks of severance pay for each year worked. Middle managers and executives usually receive a higher amount. Some executives, for example, may receive pay for more than a year.

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.

Confidentiality rules following termination. Date of employee's termination. Agreement from both parties in the form of a signature. Details about how long the employee will continue to have access to benefits. Rules indemnifying the employer from any further claims.