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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.

Federal and state laws protect employees from any form of age discrimination. They even protect employees from age discrimination resulting in severance agreement offers. The Age Discrimination in Employment Act (ADEA) is the federal law prohibiting any negative employment actions based on age (over 40).

Employers who offer a severance agreement to induce you to waive your rights must follow special rules if you are over the age of 40. Federal law requires these severance agreements to be clearly written and explicit. You must be given adequate time to review the agreement and cannot be pressured into signing it.

Are you over the age of 40? If so, California law requires that before signing a severance agreement, your employer advise you that you have right to consult an attorney and that you have at least 21 days to consider the agreement before signing it.

The calculation behind the financial compensation offered in severance agreements varies from stingy to generous. Favorable severance agreements offer one month's worth of salary for every year of tenure with the company; while more frugal packages provide just one week's worth of salary for each year, experts said.

Severance packages often demand you sign a release waiving any right to sue the company or pursue further claims against it. So you might not wish to accept a severance package if you think you have been wrongfully terminated or discriminated against, and you might want to take legal action in the future.

The Age Discrimination in Employment Act (ADEA) forbids age discrimination against people who are age 40 or older. It does not protect workers under the age of 40, although some states have laws that protect younger workers from age discrimination.

A severance package might look very lucrative after your employer ends the employment. Most employees agree to these packages, thinking that it'll support them in the hard times while they'll get enough time to look for another job. However, it is not advised to agree to the severance right away.

You should not sign a severance agreement if you haven't consulted an employment attorney, are considering a lawsuit against your employer, find the severance package insufficient, are being pressured to sign without review, fear professional consequences, or don't understand the agreement's language.

Peace of Mind: Hiring a lawyer to negotiate your severance package can give you peace of mind and help you move on from your job loss. Knowing that you have a legal expert on your side can give you confidence in your negotiations and ensure that you receive a fair and equitable severance package.