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Employees who are terminated may receive a severance package from their former employer. Severance packages may include, but are not limited to, monetary payments, vacation or sick pay, stock options, and job-search assistance.
Every employer has a different policy or view toward payment of severance, and the law does not typically require employers to provide severances to their employees. Employers may inform their employees about available severance packages but generally do not have an obligation to do so. You should follow up with your employer to determine your options regarding severance.
Severance packages are often reduced to writing in the form of a severance agreement. Your employer may require you to waive any potential legal claims you may have against it in exchange for severance compensation.
If you believe you are faced with any of these issues, you may be able to sue your former employer to get the proper severance benefits and other damages.
There are many issues related to severance agreements that could give rise to the need for legal assistance. For instance, your former employer may refuse to provide the severance that it promised you or that it gave to other similarly situated terminated employees. Your former employer may try to use a severance agreement to prevent you from working for another company or a particular industry, or from bringing a lawsuit against it. Or, your former employer may even deny you the monetary payments or benefits to which you are entitled under the law.