| With the recent economic recession, many businesses | | | | fairly obvious. If you have recently lost your job, any |
| are opting to downsize. Whether that entails budget | | | | money coming your way is advantageous. Oftentimes |
| cuts, expansion holds, or large scale layoffs, many | | | | these packages are equivalent, if not more than, a |
| employers are still struggling to stay afloat. If you have | | | | paycheck's worth of compensation. As you search for |
| been the unfortunate victim of a company-wide layoff, | | | | a new job, severance can help you sustain your |
| your employer may offer you a severance package. | | | | lifestyle and support your family while you are |
| Although seemingly well intended, some severance | | | | in-between jobs. |
| offers have drawbacks that you may not have | | | | Cons |
| considered. | | | | The disadvantages of severance packages are a little |
| What is a Severance Package? | | | | less apparent. A common complaint made by recently |
| For many employers, layoffs are an easy way to | | | | "let go" employees is that the paperwork for acquiring |
| significantly reduce spending. When they opt to go this | | | | a severance check is tedious and lengthy. In many |
| route, employers may offer their recently "let go" | | | | cases, paperwork processing can delay your |
| workers a check that is intended to supplement their | | | | severance check for weeks to even months. While |
| income while they search for other work. A | | | | you are looking for a job, every day matters. Going |
| severance package's worth varies from company to | | | | without income for any period of time may |
| company, as well as from employee to employee. | | | | compromise your ability to keep up with your financial |
| Employers may consider the following circumstances | | | | obligations. Additionally, accepting severance may |
| when determining how much severance to offer: | | | | disqualify you for receiving unemployment benefits. |
| Pay level/salary received prior to termination | | | | Many employees are not aware that if they accept |
| Duration of employment | | | | their company's severance package, they are |
| Position at company | | | | forfeiting their rights to file a claim against their |
| Performance | | | | employer for any misdeeds they may have |
| And other pertinent factors | | | | committed. |
| It is important to remember that although you may feel | | | | For more information on whether or not you should |
| like you deserve severance, employers are not | | | | accept your severance package, or for legal consulting |
| required to provide one in the event of a layoff. | | | | for how to file a claim against your employer, contact |
| Pros | | | | the San Antonio employment lawyers of Melton & |
| The perks of being offered a severance package are | | | | Kumler, LLP. |