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| *Ostroff, Fair and Company>>>Financial Services |
Severance pay? |
When you are laid off, what is the typical amount of severance pay? I've always heard that it is one years salary. is that true? I've been laid off twice now due to buyouts. At the last job, they gave us a really nice severance package and we were all happy to have it. It was a $3,000 bonus for staying on with the company until our severance date, plus one month's pay. That was actually considered above-and-beyond what most in the industry expected. One years salary is *very* generous and not typical, unless you are in an executive position. Legally, they don't have to provide you with anything other than a pink slip, so if you are getting any type of severance package you should be thankful for it. Keep in mind that when you are laid off, you do have the right to unemployement once any severance has been paid out to you (if you're getting severance). Its better to take unemployment and look for a steady job than just jump at anything. Before you turn your nose up, remember that you pay for unemployment out of your paychecks every time you receive one. You've paid for it, so use it if you need to! I've never been laid off, but I don't know of any company that gives someone one year's pay. Our company gives 2 weeks. I believe that's normal. no, it's not true. They don't have to pay you anything. Sometimes they pay you a couple weeks, a month, whatever. It's up to the company There are no standards for it most companies don't pay anything. Unless severance pay is in your contract, most company's won't give you a dime. Severence pay is more common in industries that have a heavy union presence. It all depends on the company. Being laid off is different than a company shutting their doors and offering or giving severance pay...I think if you get laid off and your company gave you sev. pay then you are one hell of a lucky cat! usually its one months pay for each year you have stayed in service provided you have worked a min of 5-7 years. it varies from co. to company. |
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