When you lose your job, things might change in your life. The money you had been relying on has vanished. You might have to start looking for new employment in addition to cutting back on expenses and making challenging changes in other aspects of your life. The good news is that you can qualify for a sizeable severance payout that will enable you to support yourself throughout this period of change.
Speak with a lawyer for assistance if you think you could be the next person to get the pink slip. Being ready for the worst might provide you an advantage because most severance settlements are negotiable. For more information, check out this Employee Survival Guide.
What is a severance package?
An agreement to leave your job in exchange for perks and severance compensation is known as a severance package. Unless severance is mandated under an employment agreement upon termination, employers are not compelled to give a severance payout. Severance may be discussed in advance before you start work.
An agreement not to sue your company might be part of a severance payout. When you leave the firm, your employer gains from having to pay you and provide benefits. The agreement may also include a non-compete clause or other clauses advantageous to the employer.
The methodology or standard used to determine benefits and severance compensation is nonexistent. The employer offers the parameters of the severance package. The worker can negotiate other conditions or accept or reject the severance payout.
How can legal counsel aid in severance agreement negotiation?
An employment lawyer understands a severance agreement’s terms and circumstances. Your attorney can make sure that there are no unfair clauses in the contract. Additionally, your attorney ensures that non-compete clauses do not unjustly bar you from finding new work or launching your own business.
When negotiating a severance settlement, your lawyer will investigate the reasons for your fire. Your lawyer may find evidence that your termination was improper. If this is the case, you might not want to give up your lawsuit rights without securing better conditions for your severance.
To ensure you get all the perks and compensation you were promised when you were employed, your attorney carefully reviews your employment contract’s provisions. For instance, your lawyer ensures the severance package contains the minimum amount and perks that your company promised to pay you in the event of your termination.
Discrimination may be the reason for a job termination in specific circumstances. If that is the case, you should carefully weigh your legal choices about discrimination claims and actions before renouncing them in exchange for a severance payout.