Severance Policy Template For Employees
Description
How to fill out Termination And Severance Pay Policy?
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FAQ
A severance agreement should include the following elements: The name of the employer and employee. The effective date of the agreement. The employment period of the outgoing employee. The severance pay amount. Terms of continuation of benefits. Employee waiver of legal claims (within reason)
Write the terms of the severance package in a formal list that you will present to the employee at the termination meeting. Include a line at the end of the document for the employee's signature agreeing to the terms.
The contents of a severance agreement will vary by company, but some elements include: Relevant dates: The document should include the dates of employment (hiring and termination) and any timelines for the benefits they will receive or other agreed-upon terms.
The Company will pay you, as cash severance, twelve (12)months of your Base Salary in effect as of your Separation from Service date, less applicable payroll deductions and withholdings (the ?Cash Severance?).
A severance agreement often provides for post-employment benefits, such as pay, continuation of health or other insurance, and job placement assistance and what the employee needs to do or not do to receive those beenfits.