Employment Severance Packages

There is nothing uncommon with companies downsizing their workforce. It would be unfortunate for you though if you're one of the employees who would be affected by the mass lay-off. Some corporate companies nowadays experience a lot of drastic changes because of the turn of the economy since the 9/11. Because of this, they downsize their workforce, and employers will terminate their employees at will and without any cause. To provide any relief from the loss of employment and source of income, a severed employee is entitled to get employee severance packages.

To understand what employee severance packages comprise of, you need to know the elements which would be highly relevant to determining the amount of the severance package that you're getting. Usually it includes your severance pay (which can range from two weeks or as much as six months or more worth of your monthly salary); and any earned and unused vacation/sick leaves, accrued bonuses leading to your termination date, profit sharing, and if offered, stock options. Your severance pay usually includes a separation agreement which is a binding contract outlining the terms of separation, including your agreement not to disclose any trade secrets or to hold the company liable for terminatng you.

Some companies may extend their employment severance packages as far as continuing the benefits even after termination, such as health insurance, life insurance and disability insurance. They may also offer you stock options in case you want to be a stockholder of the company. Others may provide outplacement services, job training or career placement to give you an edge in finding a better employment or to improve your existing work skills. As a sign of goodwill, they may also write a good letter of recommendation as part of their severance package to add credibility and confidence for any potential future employers. Whatever amount of severance pay you may receive, it's good to remember that you can actually attempt to negotiate for a better severance package from your previous employer, provided that your negotiations are credible and reasonable, based on the aspects of your package.

To actually analyze if you will be getting a fair pay regarding your employment severance package is generically difficult, especially if taken in the context of the employee's individual circumstances. In such cases seeking legal counsel would help a lot in determining if you're getting the right amount of what's due to you, and to protect your working separation rights. Our team of lawyers from Mesriani Law Group can guide you in selecting the best employment severance packages you can avail, and to make sure that your legal rights as a separated employee as upheld should there be consequences or rewards that may be brought out from the severance package. We can also help you negotiate with your employer if deemed necessary.

When you want to know what you can obtain from your rights as a separated employee, you can rely on our lawyers from Mesriani Law Group. We guarantee that by availing of our legal services you can be more informed about what you can do to get the best employment severance package for your advantage.