Navigating Severance Packages: A Comprehensive Guide
Severance pay is an additional amount provided by companies to employees who are laid off. The amount usually depends on the employee's tenure at the company.
Your employer may offer to continue your medical and dental coverage for a certain period after termination.
Medical and Dental Benefits Coveragea
Many companies include pay for unused vacation and sick time as part of the severance package.
Unused Vacation and Sick Time
Some severance agreements offer job hunting support, such as resume writing services or career coaching.
Job Search Support
Review your stock options and retirement accounts when you receive your severance package.
Stock Options and Retirement Accounts
A letter of recommendation from your employer can be a valuable tool when job searching.
Letters of Recommendation
Your severance package may include clauses that prevent you from speaking negatively about your former employer.
Non-Disparagement and Nondisclosure Agreements
Your severance agreement should detail the return of company equipment. A noncompete agreement may also be negotiated during your exit process.