Severance Agreement Policy

The employer is not legally obliged to grant severance pay to an outgoing worker. Severance pay agreements could, among other things, prevent a worker from working for a competitor and from waiving any right to assert a right against the former employer. In addition, a worker may waive the right to claim unemployment benefits. An employment law specialist may be contacted to help assess and review a severance pay agreement. In some cases, payments will only continue until the former employee finds another job. Another thing you need to keep in mind is whether your company offers stock options to employees and what the status of options not implemented means when you fire an employee. Make sure you understand what your company makes available to employees in the event of a layoff. Additional stock options can also be part of the post-negotiation termination agreement…

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