Severance Pay Calculation
Kodante
4 Posts
Good Morning!
Our company's policy on severance pay is "1 week's pay for each year of service". Now my question is what about those incompleted months?
I have three employee who is being laid off and their year of services are:
A: 2years & 9 months
B: 5 years & 1 months
C: 3 years & 6 months.
Can someone tell me the correct way to calculate severance pay?
Please help!
Our company's policy on severance pay is "1 week's pay for each year of service". Now my question is what about those incompleted months?
I have three employee who is being laid off and their year of services are:
A: 2years & 9 months
B: 5 years & 1 months
C: 3 years & 6 months.
Can someone tell me the correct way to calculate severance pay?
Please help!
Comments
I agree with Jules2001, the decision is yours. We also pay one weeks pay for each year of service. The 170 general office employees that were laid off in February were paid one week for each year of completed service.
Elizabeth