Indiana Severance Compensation Program
Description
How to fill out Severance Compensation Program?
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FAQ
When Should You Apply for Unemployment? File for unemployment as soon as you become unemployed. This is true even if you are subject to a waiting week or receiving severance pay from your employer.
Effective October 1, 2011, an individual who accepts a severance package from an employer in connection with a layoff or plant closing will have his or her unemployment benefits reduced or eliminated.
** Severance pay allocated by the employer to a week(s) following the date of separation is deductible from unemployment benefits. NOTE: If the income is to be deducted, but less than your weekly benefit amount, your weekly payment will be reduced by the amount of income for the week.
For example, if you were fired for coming to work intoxicated, committing a crime, falsifying your job application, knowingly breaking workplace rules, or intentionally damaging the employer's property, you will not be eligible for benefits.
How is severance pay calculated? Identify how many years you've worked with the company. Determine your average weekly pay. Multiply the number of years by your weekly pay to determine your severance pay.
No, if you are collecting severance pay, or are going to be collecting severance pay, file your application as soon as you become unemployed. The answers you provide in your application regarding severance pay will help determine the impact severance pay may, or may not, have on your eligibility for benefits.
How to ask for a severance package Review your company's documents. You can typically find details of the company's policy regarding severance packages in a couple of places: ... Make note of your accomplishments. ... Stay professional. ... Negotiate severance during your job offer. ... Agree to an exit interview.