Severance Pay Guidelines

Severance pay is not always required, and when it is it can take a multitude of forms. At times, employers may offer severance pay when it is not required. Because of this a set standard of severance pay guidelines is very imprecise, and more so suggestions to the employer than anything else. Severance pay may be any form of aid to the released employee, but the value should be maintained for all employees unless otherwise prearranged in a contract. Severance pay may be continued income, insurance, a bonus lump sum, electronics, or stocks. Agreements can also be considered the value in a severance package. The company may agree to help with references or outplacement for job training.

Fast Facts

  • One must remember that severance pay is not always mandatory.
  • If an individual feels their severance value was considerably lower than what was provided to another employee of a similar level, legal action may be taken against the employer.

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