Here's a guide to severance pay — how it works, who gets it, and more
Photo: The Cut If you’ve been fired or laid off, you might have been offered severance pay — or you might be wondering if you can negotiate for it if you leave your job. But being terminated or leaving a job can be a stressful time, and you might not know how to take full advantage of your options. Here’s a guide to severance pay — how it works, who gets it, and more.
There’s something else in it for the company, too: In exchange for severance, you’ll almost always need to sign what’s known as a “general release,” a legal document releasing the company from any future legal claims. In other words, to receive the severance, you’ll need to agree that you won’t sue them over something like discrimination or harassment in the future.
How much severance pay is typical? It depends! Different companies offer different amounts. The most common model is to use a formula based on your salary and how long you’ve worked there. For example, a company might offer two weeks’ salary for every year you’ve been there — so if you’ve worked there four years, you’d be offered eight weeks of salary. One or two weeks of salary per year of employment is typical — but some companies offer more and some less.
Can you get severance pay when you quit? Typically, no. Severance is usually for employees who are being let go involuntarily. In negotiating for more, think about any factors that might sway the company in your favor. For example, maybe your manager persuaded you to turn down a job at a different company earlier this year, and you can argue that your severance should be increased because your loyalty to the company is leaving you unemployed now. Or maybe you moved for the job just six months ago, taking the company at its word that it’d have long-term work for you.
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