Imagine the company you have been working for, for years, undergoing a restructuring or downsizing process, and you have been listed among the employees laid off.
Of course, this has come unexpectedly, and your supervisor or manager has hurriedly handed you a severance package as a parting gift.
After termination of employment, many people are confused. This is when employers seize the opportunity to pressure you into accepting a severance payment without you even knowing what is written on it.
Before accepting that severance, ensure you know what you are getting yourself into. Do not let confusion crowd your judgment into blindly accepting a severance pay that you have no idea of.
A severance pay could be your biggest breakthrough or your biggest downfall. Here is everything you need to know before accepting a severance payout.
You Should Have A Better Understanding of All Your Rights
Many people do not know there have certain employee rights after job termination. They only know a few employee rights that they commonly hear around them.
Therefore, as an employee, it is important to be aware of all the rights to ensure that you are not exploited by the business owner or employer.
You should be a frequent reader of the employee’s handbook containing your rights to understand better how you are supposed to be treated while working at a company.
Doing this makes it very hard to get a severance payment that will not help you or make you regret it.
You Should Consider Hiring an Attorney
The more you earn, the more you should consider hiring an attorney because it is worth it.
Despite earning a small amount of money, you might need legal advice. It is advisable to get an attorney to review and negotiate your severance package if it does not match your expectations.
Analyzing the Severance Agreement That Has Been Made
Some employees might think they are being issued with severance pay, but what they are getting instead is a Warn Act pay that is mandatory.
A Warn Act pay requires employers of a company to provide in advance notification of sixty days before closure or mass layoffs of a company.
If the employer sends you packing without advance notice, he is supposed to pay damages equal to a sixty-day pay. Severance pay is the money that is added to a Warn Act pay.
Therefore, it is important to analyze the agreement to ensure that your expectations have been met.
Ensuring That You Get the Time of Severance Pay Out
It is frustrating to wait for your severance payout on a certain day, only to realize that it is not ready yet.
It is essential to clarify and be sure about the date of your severance payout so that when the payout is not ready, you have every right to battle your employer for not honoring their promise.
Understanding the Terms and Conditions
Understanding the Terms and Conditions is helpful because if you break any company’s terms concerning your severance, it might lead to no compensation, or you can end up paying back some severance yourself.