What to Consider In Employment Severance Negotiations

No economy has a certain path to success. Every employee and even an executive at one point may have to face termination from the job due to mergers, buy-outs, and lay-offs. Once you get to this point, you will wish to have a severance package within reasonable bounds. To get more info, click  signing a severance agreement. This is especially true when you have an existing employment agreement.

You have to be aware that there are several legal and economic issues that have to be considered when you try to negotiate for a severance package. If you are beyond 40 years old and you are offered by your employer of a severance package, you must be given 21 days to consider the offer. You are also allowed 7 days for you to revoke the signed severance package. It will be to your benefit if you hire a lawyer who is an expert in resolving such cases. The following are some key issues that you need to consider when you negotiate for a severance employment package:

Severance Pay
It is an obligation of the employer or the company to pay severance to its employees. This is under the employment agreement. This is also under the WARN act or its equivalent in your particular state or pursuant to the policies of the company. An executive has the best chances of negotiating a severance pay if he or she is terminated without any cause as defined in the agreement with the employer.

PTO or Vacation
Any unpaid PTO or vacation pay should also be included in the severance pay. This is usually payable during the last day of employment or within after a few days. To get more info, visit boston employment lawyer. The employer's policies or the employee handbook has to be reviewed to check on the amounts that the company owed. 

General Release of Liability
The company gives the severance pay in its intention for a general release by the employee of all claims that the employee may have against the company be it known or not. This release is quite wide in coverage which means it attempts to cover even promises, complaints, causes of actions in law or equity, against all the directors, subsidiaries, employees, affiliates, shareholders, successors, officers, and parent companies. 

Outplacement Assistance
There are some companies that offer outplacement firm services without any charge. This firm will assist you in looking for a new job or it can help to position you for a change in career. Learn more from  https://www.youtube.com/watch?v=e_oC3lQqRiU.