A voluntary severance package is a financial and benefits-based incentive offered to motivate employees to leave a company of their own accord. A voluntary severance package is a financial and benefits-based incentive offered to motivate employees to leave a company of their own accord.
http://whatis.techtarget.com/definition/voluntary-severance-package
A voluntary severance package is a financial incentive that’s offered to an employee in hopes that he will resign or retire. Unlike most severance packages, a voluntary severance package gives the employee the option to decline the offer. Generally, voluntary severance packages are offered at a time that will benefit the company by reducing the workforce and cost of salaries and benefits. High-earning long-term employees who are close to retirement age may be offered early retirement packages, for example, in the hopes of forestalling layoffs.
http://whatis.techtarget.com/definition/voluntary-severance-package
Who Gets Severance Pay? The hard news first: Severance pay isn’t a given. Your company may be undergoing layoffs, but just because you’re losing your job and not being fired for underperforming doesn’t mean you’re entitled to any kind of extra pay beyond salary through your last day and compensation for unused PTO days, per your company’s specific policies.
https://www.themuse.com/advice/a-newly-unemployed-persons-guide-to-severance-pay
How Severance Pay Affects Unemployment Different states have different policies regarding severance, and whether your pay will affect unemployment benefits depends on state law. For example, receiving severance pay does not impact your benefits in California, even if you receive it in a lump sum instead of in regular installments like a paycheck. You need to report the amount you receive, and pay taxes on it as you would any other income, but it will not be deducted from your unemployment compensation.
https://www.thebalance.com/how-does-severance-and-vacation-pay-affect-unemployment-2064190
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http://whatis.techtarget.com/definition/voluntary-severance-package
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http://whatis.techtarget.com/definition/voluntary-severance-package
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http://whatis.techtarget.com/definition/voluntary-severance-package
While severance is typically monetary—delivered in one lump sum—it’s not the only form a payment can take. For example, you may ask your company to foot your health insurance bill for a couple of months, or you may request to keep your laptop computer after it’s been wiped clean of company data.
https://www.themuse.com/advice/a-newly-unemployed-persons-guide-to-severance-pay
Severance pay is often granted to employees upon termination of employment. It is usually based on length of employment for which an employee is eligible upon termination. There is no requirement in the Fair Labor Standards Act (FLSA) for severance pay. Severance pay is a matter of agreement between an employer and an employee (or the employee's representative). The Employee Benefits Security Administration (EBSA) may be able to assist an employee who did not receive severance benefits under their employer-sponsored plan.
https://www.dol.gov/general/topic/wages/severancepay
How Much Severance Pay Do I Get? The compensation employees receive varies across industries and roles. It is usually determined by the amount of time someone has been employed, and Kluger provides the example that often it’s a week or two of salary for every year of employment. How Does Severance Pay Work? It’s negotiable! That means what you see at first might not be the final number. Some factors that may come into play when your company comes up with that initial figure: how long you’ve been with the company, your position and rank, size of the company, if your employer contract included language on severance.
https://www.themuse.com/advice/a-newly-unemployed-persons-guide-to-severance-pay
what does severance package mean
A voluntary severance package is a financial and benefits-based incentive offered to motivate employees to leave a company of their own accord.