Colorado Employment Termination or Firing Package
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How to fill out Employment Termination Or Firing Package?
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FAQ
As a general rule, Colorado follows the employment-at-will doctrine. This doctrine means the employer may discharge the employee at any time, with or without cause. The employee may also, in turn, quit his/her employment at any time, with or without notice.
In Colorado, there is no law requiring an employer to offer a severance package. For this reason, it is important to record and have all compensation promises in writing.
You should also know that, while accepting a severance package does not prohibit you from collecting unemployment in Colorado, it may affect the amount of unemployment you can receive, as well as the duration of your unemployment payments.
Colorado wage law does not require nor prohibit severance pay. Severance pay is a benefit offered by employers at their own discretion. Severance pay is not wages or compensation for the purposes of the Colorado Wage Act.
As per Colorado Rev. Stat. Ann. § 8-4-109, when an employee is fired, the employer must give him or her a final paycheck immediately, or within six (6) hours of start of the next business day if the payroll office is closed, or within twenty-four (24) hours if the payroll office is offsite.
Final wage requirements Colorado law requires that employees be paid their owed wages at the time of termination if termination is involuntary.
The traditional rule in Colorado is that, absent an agreement or statute providing otherwise, the employer-employee relationship is ?at-will,? meaning either party may terminate the relationship without notice at any time, for any reason or no reason at all.
As per Colorado Rev. Stat. Ann. § 8-4-109, when an employee is fired, the employer must give him or her a final paycheck immediately, or within six (6) hours of start of the next business day if the payroll office is closed, or within twenty-four (24) hours if the payroll office is offsite.