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how is the severance pay calculated? is 100% of the pay you were receiving when employed by the company? is it received in one lump sum? how does severance pay work exactly?
There is no real way to answer that. Severance is offered by the company, so the company makes the rules as there is no legal obligation to offer it. Some give 2 weeks, some months or even a few years. Often it depends upon the length of service. And, it is sometimes paid in a lump sum, other times, multiple payments.
I lost my job when a company started closing locations due to bankruptcy. We were given notice of the closure. Those who left then were given a week severance. Those who made it longer, more severance. Those of us who made it to the end and actually closed the store, 4 months. And we were paid bi-weekly for those 4 months.
There is no real way to answer that. Severance is offered by the company, so the company makes the rules as there is no legal obligation to offer it. Some give 2 weeks, some months or even a few years. Often it depends upon the length of service. And, it is sometimes paid in a lump sum, other times, multiple payments.
I lost my job when a company started closing locations due to bankruptcy. We were given notice of the closure. Those who left then were given a week severance. Those who made it longer, more severance. Those of us who made it to the end and actually closed the store, 4 months. And we were paid bi-weekly for those 4 months.
the company i work for, the bosses offered severance pay to the 55 and older employees (and there's quite a few of them). They were under the impression that if they took severance pay that they would be eligible for unemployment??? but i think they were told that collecting unemployment will not be possible after accepting severance pay. I know that the 55 and older lot are not ready to retire and live off their severance pay.
UI is possible after severance, although it depends on your state, how it is paid, etc. I would recommend you ask the moderators to move this thread to the Unemployment section, as there are a couple of people there with an amzing amount of knowledge that will likely be able to answer.
Tell them the state, the amount of severance if you know, how it will be paid, basically as much info as you have. But this is more a question for that forum, now that we know where it is going...
Are they taking early retirement or are they being let go? If they are taking early retirement, they are not eligible for unemployment insurance.
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