Severance Policy Template For Small Business
Description
How to fill out Termination And Severance Pay Policy?
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FAQ
Typical severance packages offer one to two weeks of paid salary per year worked. Continuation of insurance benefits, assistance finding another job, and other perks can be negotiated. You usually have 21 days to accept a severance agreement, and once it's signed?seven days to change your mind.
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].
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)
Severance agreements must comply with relevant employment laws such as anti-discrimination laws, wage and hour regulations and workers' compensation provisions. An agreement containing provisions that contradict these laws may be considered invalid.
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.