Severance Packages

marlene claire

We have a severance policy in place that gives employees 1 week for every year they are employed, or the minimum, whichever is greater. Our minimu is 4 weeks for non-exempt and 8 weeks for exempt.

Some employees are telling us that other companies are doing much more. Would anyone be willing share what their policy is?

cebudragonlady

Actually, your severance policy is very generous ! Our factory does not give any severance.

Chari

bsa

According to the HRHero poll going on now, a lot of companies give severance, but we don't.

NaeNae55

Our company gives 1 week for every FULL year employed. I think your package is generous, but it may be like comparing apples to oranges. I believe severance packages are different from industry to industry, not just business to business.

Good luck!

Parabeagle

For what it's worth (great Buffalo Springfield song), our company used to give severance pay (two weeks' pay -- regardless of how long you had been here), but we eliminated all severance last year. I think our employees would kill for a package like yours.

franfields

For RIF only:
2 weeks for every year with a minimum of one month, up to a maximum of 3 months. We also continue our share of medical and dental premiums during the severance period.

scantey

Actually I have only been here for a few months but I have never seen severance packages as generous as these. They offer 1 month for evey year with no cap and full medical and dental coverage for the entire family. (I think I will stick around for a long time)
The norm I have found is 1 week for every year worked.

Gillian

Those employees have found the two or three companies that are more generous than yours and are holding them out as the example of what is done in the entire industrial world.