Be aware of severance benefits you should receive

On Behalf of | Sep 19, 2022 | Breach Of Employment Contract, Noncompetes, Severance Agreements

Is your employer living up to their obligations per your severance agreement? If you suddenly lose your job, you should feel confident that your severance package will help carry you through your time of unemployment until you can find new work.

A review of your severance agreement should tell you what your employer must provide you following your departure. Inc. describes some benefits employers may include in their severance packages.

Health care benefits

You could have access to your workplace healthcare benefits for a period of time under federal COBRA provisions. However, some companies offer additional forms of coverage in their severance packages. In addition to coverage options, check your severance agreement for time limits to ensure that your employer does not cut off your coverage too soon.

Assistance to find other work

Your severance agreement could obligate your employer to help you gain new employment. This is not the case for all employees, particularly those who have worked for one or a few years. However, if you are a senior employee at your job, your severance package might contain assistance provisions such as contracting with an outplacement firm to find you a new job.

Leftover compensation

A sudden firing or layoff could leave your existing compensation incomplete. You might have been in the middle of earning a set amount or percentage at the time of your termination. Your severance package may cover such issues, explaining how you will receive incomplete compensation like pro-rated bonuses.

Your employer should never “forget” to honor its commitments to you. Have a copy of your severance agreement handy if you should find it necessary to hold your old workplace accountable for broken promises.