Too late now. (Since You Asked ...).Q I was laid off in August 2001 but found another job within three weeks. The severance package A severance package is pay and benefits an employee receives when they leave employment at a company. In addition to the employee's remaining regular pay, it may include some of the following:
1. Happening every two weeks.
2. Happening twice a week; semiweekly.
n. pl. bi·week·lies
A publication issued every two weeks.
1. Every two weeks. severance pay Severance Pay
Compensation that an employer gives to someone who is about to lose their job.
Severance pay is not always paid to employees. It depends on the situation in which the employee is losing their job and whether legislation requires severance to be paid. , I would forfeit To lose to another person or to the state some privilege, right, or property due to the commission of an error, an offense, or a crime, a breach of contract, or a neglect of duty; to subject property to confiscation; or to become liable for the payment of a penalty, as the result of a my package. I didn't sign the severance acceptance letter. The offer was valid until Sept. 21. Is this legal and do I have any recourse? If I don't, at least I'll have a better understanding of severance packages and employee rights.
A.T. Bell Chicago
A Severance packages have come under heavy scrutiny lately, particularly since many company policies on this matter are out-of-date. As a result of the recent overwhelming layoffs, many companies are offering separate packages based on time served and level of employment.
The other consideration is that severance is usually offered at the discretion of the employer. An employee may be eligible for severance but not necessarily entitled en·ti·tle
tr.v. en·ti·tled, en·ti·tling, en·ti·tles
1. To give a name or title to.
2. To furnish with a right or claim to something: . If a company does have a policy, it would outline eligibility based on time served and salary.
You're fortunate to have landed another job quickly, but signing the contract would have put a little extra cash in your hand for at least a couple of weeks. It seems unusual that a company would have tied your severance compensation to future employment since severance is usually based on the time spent with the company you're exiting. But as ah employee, you have the right to negotiate all terms. Unfortunately, you have no legal recourse.
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