Severance Pay Article Index for
Severance
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Severance
 

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Severance Pay




  • An additional payment based on years of service

  • Payment for unused Vacation time or Sick Leave .

  • A payment in lieu of a required notice period.

  • Medical, dental or life Insurance

  • Retirement (e.g., 401K ) benefits

  • Stock options

  • Assistance in searching for new work, such as access to employment services or help in producing a Résumé .


Severance packages are most typically offered for employees who are Laid Off or Retire . Sometimes, they may be offered for people who resign, regardless of the circumstances; or are Fired . Policies for severance packages are often found in a company's Employee Handbook , and in many countries are subject to strict government Regulation .


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