Severance Package With Examples
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How to fill out Termination And Severance Pay Policy?
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FAQ
For example, a severance contract could include a severance pay term granting one week's pay for each year of service to the employer. Although not required, some employers may also offer other severance benefits, such as job counseling or payment of COBRA expenses, as part of an overall severance ?package.?
However, severance packages typically include pay through the termination date and any accrued vacation time, unreimbursed business expenses, and an additional lump sum. By law, employers of a certain size must offer the opportunity to continue health care coverage under the company's plan at the ex-employee's expense.
What is a severance package? Severance packages can include forms of compensation like salary continuation, payment for unused vacation or sick time, extended health coverage and other benefits. The details are usually in an employment contract.
Dear [Employee Name], I regret to inform you that your employment with [Company Name] is terminated effective [date]. Four weeks of severance pay is being offered in exchange for signing the attached release of claims and returning the signed release to human resources no later than [date].
While severance packages can vary substantially from company to company and from employment contract to employment contract, they commonly include: Severance pay, as discussed above. Payout of unused paid time off (PTO), including vacation time and sick time.