Difference Between Separation Agreement And Severance Agreement
Description
How to fill out Agreement And Release Regarding Severance Of Employment?
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FAQ
A severance agreement (sometimes known as a separation agreement or termination agreement) is a contract that governs the terms under which employment will end.
Severance pay refers to compensation an employee receives upon termination from a company. Normally, the termination results from layoff where the employer is eliminating jobs and not replacing them. No federal or state law requires employers offer employees severance pay upon termination.
Many employers offer an agreement to terminated employees, called a separation or a severance agreement. These are legally interchangeable terms. In such agreements, the employee is offered a payment in return for a promise to act or not act in a certain way post-employment.
Some terminations will be forced by an employer, including getting fired, laid off, or furloughed. Other separations, like retirement or resignation, will be voluntary. Knowing which type of separation from employment you've experienced is important.
Upon termination, severance pay and separation pay are interchangeable terms. Although some companies may distinguish between separation pay and severance pay packages, the distinction is not universally applied.
