A severance plan is an offer given by a company which seeks to terminate an employee’s services and presents the terms and conditions to him along with the payment package. An employee’s services may be terminated due to various reasons like downsizing, lay-offs, with or without notice or the company may be shut down and so on. In such a scenario when there is a sudden severance, the employee must be given a severance package which to clear his dues and help him till he gets another job.
Every company has its own severance plan. Although the severance amount is solely under the discretion of the employer, the employee must check if all his dues are cleared and can give his opinions about the amount. It is like a settlement or a negotiation which is determined by the number of years you have spent in the organization, number of years left till retirement and the circumstances under which your services are terminated.
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Sample Severance Plan Agreement
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