severance pay


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severance pay

Money paid to an employee upon termination of his or her employment.
References in periodicals archive ?
Just like vacation pay, sick leave, holidays and health insurance, severance pay is a fringe benefit, and your right to it is entirely up to company policy.
District Court in Jonesboro for not properly calculating their severance pay, which is estimated to have cost the workers "several hundreds of thousand dollars," according to the lawsuit filed by six former employees represented by attorney Scott Emerson of Jonesboro.
The union has demanded that the company pay back to the workers the quarter of their salaries it has cut since August and that it increase the amount of severance pay.
Deborah Allton, a veteran dancer with the company and currently a fourth-year law student at Fordham University, was instrumental in crafting a contract that not only pays the dancers 4 percent annual increases in wages, but also allows for larger increases in overtime rates, provides for an additional 13 percent of annual salary contribution per year towards a 401k plan (a tax-deferred pension plan to which employer and employee both contribute), guarantees sixteen dancers and forty annual weeks for the contract period, allows for eight weeks of paid maternity leave, and gives current fully vested dancers who wish to leave a year of severance pay and two years of health and disability insurance.
The most obvious impact of providing displaced workers with severance pay is the positive effect it has on their living standards.
Taking severance pay in installment plans, though, not only may ease the tax burden, but allow you to continue your health coverage (perhaps subsidized by the employer).
All 6,400 workers will keep their jobs at current salaries and receive 24 weeks severance pay worth an average of CDN$27,000 (US$19,620) the day the air traffic control system is transferred to the nonprofit corporation.
What made it possible, Herdman explains, was 60 days of severance pay and the commitment of OTA staff.
Corporate profits began to rise as the effects of severance pay packages diminished combined with the realization by surviving workers that they had to work harder to keep their re-defined jobs.
More often than one would expect, employees are signing away claims that they did not know they had which have economic values that far exceed the severance pay they receive.
There are hundreds of thousands of temporary workers in Turkey and one of the biggest drawbacks of temporary jobs is the refusal of employers to provide severance pay when the contract is over and workers have to leave the job.
Under the program, severance pays of up to 30,000 euros will be paid to those that agree to resign of their own will, as the sum of the severance pay will largely depend on their age and the years of service, as well as on whether they are entitled to other financial benefits.