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    Benefits Employees Are Entitled to After Termination

    Employees leave their positions for many reasons - voluntarily, fired, or due to a layoff. The reason for leaving can have an impact on what benefits you may

    Benefits Employees Are Entitled to After Termination

    Employees leave their positions for many reasons - voluntarily, fired, or due to a layoff. The reason for leaving can have an impact on what benefits you may be entitled to receive. Laws vary from state to state regarding what benefits must be provided after employment ends. Thus, before you leave your job, you will want to know what benefits you are eligible for.

    In every state you are entitled to receive some benefits by law. An employer may choose to provide additional benefits above and beyond those mandated by state or federal law. Before you leave (unless you are being escorted out of the building) you should ask about severance pay, and whether payment is made for accrued vacation, overtime, and sick pay. Of course, you may also be entitled to other benefits like continuance of health and life insurance benefits. If you have one, you will also want to know about pension benefits. Finally, and perhaps most importantly, you will want to determine your eligibility for unemployment insurance.

    If you have specific questions about which benefits will be afforded you under state or federal law, you can either contact a local attorney experienced in employment law, or you may wish to talk to your state's labor department.

    Quitting

    When quitting a job, providing two weeks notice is customary, even if the employer does not ask for notice. Also, it may not always be easy, but it is best to tell your boss about your decision in person. Try to remain cordial and stay positive about your experience with the employer, as you may need a reference in the future and it will help to keep them from feeling resentment toward you that could lead to an arbitrary denial of benefits.

    Generally, those who quit may not receive unemployment insurance or severance given that any resulting unemployment is intentional. Nevertheless, you may still be able to receive other benefits, like continuation of health and life insurance, payment for vacation and sick time, and transfer of your pension. Of course, generally those who quit a job do so because they have procured another, so the need for other types of compensation are less pronounced, but it never hurts to ask what your employer's policies are and to consult with your local state authorities or an employment attorney regarding what the employer will be obliged to provide you.

    Fired

    If you get fired, on the other hand, things can be a little more stressful. Sometimes there is a personality conflict, sometimes it just turns out that you are not the right match for the job. Whatever the case, try not to take it too personally. Indeed, it may turn out to be the best thing that could have happened to you in the long run. But, in the short term, you need to swallow the hurt feelings and embarrassment and thank the same employer who just fired you for the opportunity to work together. Leave on a positive note and try to let them feel just a little guilty for letting you go after how well you handle leaving. This will likely make them feel more generous when it comes time to discuss unemployment compensation.

    In most jurisdictions, those who are fired may be entitled to unemployment compensation provided that they were not fired for bad acts, like stealing, repeated disregard of the employer's rules, or any sort of violence at the workplace. Usually, unemployment benefits will be administered by a state agency that will review the application, determine eligibility, and provide the employer the opportunity to respond as to the reason for the firing.

    In addition, if your employer has over 20 employees it will be required to offer health insurance coverage through COBRA to terminated employees for 18 months. You will need to pay for this coverage, though in some cases employers may pay for coverage for a limited time as part of a severance package.

    A severance may also be offered to ease the employee's transition, but this is usually not mandatory. Also, entitlement to vacation and sick time becomes a little more murky depending on the circumstances of the termination, the laws of the local jurisdiction, and the employer's policies.

    Laid-Off

    Similarly, a lay-off, can be equally devastating to not just you as you lose your job, but also to the company, itself. Lay-offs usually happen as a company experiences some downturn in its fortunes, meaning it is likely the company will have less to share with its former employees who are losing their jobs. When you find out that it is coming, ask what benefits terminated employees are eligible for, and whether unemployment insurance, health insurance, pension benefits, and severance pay will be available. In most cases, the company has no obligation to offer a severance package, but, depending on circumstances and the reason for the lay-off, it is not out of the question.

    Again, when you have questions regarding these matters, you can consult with your state's labor department or contact a local employment law attorney.

    GUIDE TO EMPLOYMENT LAW

    » Hiring Laws and Mistakes when Hiring

    » Laws Governing Termination Guide

    » Sexual Harassment in the Workplace

    » Discrimination in the Workplace

    » Employment Contracts and the Law

    » Freelancers and Independent Contractors

    » Wages and Overtime Pay

    Suspensions and Demotions

    » Employee Healthcare and Retirement Funds

    स्रोत : www.hg.org

    What Is Severance Pay? Definition and Why It's Offered

    Severance pay is compensation given to an employee who is laid off, whose job has been eliminated, or who has otherwise parted ways with a company.

    CAREERS SALARIES & COMPENSATION

    What Is Severance Pay? Definition and Why It's Offered

    By WILL KENTON Updated September 23, 2022

    Reviewed by MICHAEL J BOYLE

    What Is Severance Pay?

    Severance pay is the compensation and/or benefits an employer provides to an employee after employment is over. Severance packages may include extended benefits, such as health insurance and outplacement assistance to help an employee secure a new position.

    Employers offer packages to employees who are laid off, whose jobs are eliminated because of downsizing, or who retire. Some employees who resign or are fired may also receive a severance package.

    Severance pay can be a goodwill gesture on the part of the employer and can provide the employee with a buffer between working and unemployment.

    KEY TAKEAWAYS

    Severance pay is any form of compensation paid by an employer to an employee after employment has ended.

    Unless a contract or employee handbook requires it, employers are not legally required to pay severance.

    Severance may include accrued vacation and extended benefits, such as health insurance and outplacement assistance to help an employee find another job.

    As part of severance pay, employees are not allowed to sue the company for any damages.

    Severance pay is usually offered to employees that have lost their jobs due to company actions as opposed to poor employee performance resulting in them being fired.

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    Severance Package Basics

    Understanding Severance Pay

    Severance pay is offered to employees in certain circumstances after their employment ends. The amount an employee receives often depends on how long they were with the employer. Most employers have policies in their employee handbooks that outline how they handle severance pay.

    Packages offered by employers usually come in a lump sum and are taxable. They generally include an employee's regular pay along with some or all of the following:

    Extra pay based on months or years of employment

    Compensation for unused, accrued vacation time, sick days, and/or holiday pay

    Medical and dental benefits, and life insurance

    Retirement accounts and stock options

    Severance and Unemployment Benefits

    Severance pay can affect unemployment compensation in two ways. If the employer pays the employee severance fee in a lump sum, the employee can apply for unemployment insurance right away as they are no longer on the company's payroll.

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    However, in some cases, companies issue severance pay over a period of several months. Through that process, the employee is still technically on the payroll, even if they do not go to work. This means they cannot apply for unemployment. Similarly, if an employee has unused vacation time, they are on the payroll as they use it.

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    The laws concerning unemployment and severance pay vary by state, so it's important to check with your local employment office about when to apply for unemployment benefits.

    In other cases, severance pay affects unemployment compensation because of the contracts many people sign when they accept severance pay. In exchange for offering severance packages, some companies make their employees sign statements saying they voluntarily resigned from their posts.

    These agreements prohibit the employee from claiming unemployment insurance, which is reserved for people who are dismissed from their jobs involuntarily. It is wise to read any documents carefully before signing them; legal advice may also be in order as it is sometimes possible to improve the initial severance package that was offered.

    Example of Severance Pay

    Company A is a large technology company based on the East Coast that is seeking to expand its footprint on the West Coast. In its efforts to expand, it decides to purchase Small Company B based in California which has a footing in the same business.

    Company A wants to keep the bulk of the employees at Small Company B as they have experience in the local market; however, one division at Company B is similar in operations to an existing division at Company A, which is larger and has more experience. Company A decides that this division at Small Company B is redundant and both companies would be better served by completely replacing the division with members from Company A's existing team.

    As such, the 10-person division at Small Company B is notified that they will be laid off. All 10 employees will be offered severance pay, which will be equal to one month's salary for every year that they have worked there. So if an individual has worked at the company for five years, they will receive five months' severance pay.

    Why Offer Severance Pay?

    Businesses are not required to pay severance, although most offer packages on a case-by-case basis and as dictated by employment contracts.

    When businesses fail to offer severance packages, it can upset staff and create negative public relations. In 2018, Sears announced it planned to lay off hourly employees without giving them any severance pay. The company, which was restructuring in bankruptcy, also said it planned to pay its executives millions in annual bonuses, which drew significant criticism from employees and the general public.

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    Do Businesses Have to Offer Severance Pay?

    स्रोत : www.investopedia.com

    Employee Benefits When You Leave Your Job

    Employment-related benefits that you may be eligible for when you resign, get fired, or get laid-off from your job, and how to collect them.

    CAREER PLANNING LEAVING A JOB

    Employee Benefits When You Leave Your Job

    By Alison Doyle Updated on December 1, 2022

    In This Article VIEW ALL

    Employee Benefits When You Leave a Job

    Quitting Your Job Getting Fired Managing a Lay-off

    Employment-Related Benefits

    PHOTO: THIANCHAI SITTHIKONGSAK / GETTY IMAGES

    Have you recently left your job, or are you about to move on? Whether you quit or were terminated, you may be entitled to certain employee benefits.

    It pays to learn as much as you can about these benefits before you move on to something new. In many cases, it’s harder to learn about your rights when you’ve already turned in your lanyard or equipment and lost your face-to-face access to human resources.

    Here's what you need to know about eligibility for employee benefits when you leave a job.

    Key Takeaways

    Whether you leave voluntarily or after termination, you may be entitled to benefits.

    Get information about eligibility for benefits after termination. These benefits may include severance pay, health insurance, accrued vacation, overtime, unused sick pay, and retirement plans.

    Companies aren’t obligated to provide severance. However, many employers do provide severance pay.

    Line up references before you leave. Even if you’re fired or laid off, it pays to ask what your former employer will say about you to prospective employers in the future.

    Employee Benefits When You Leave a Job

    Learn more about unemployment insurance, severance packages, giving notice, health insurance, retirement plans, workers' compensation, disability, references, and other potential benefits, so that you know what to ask before you go.

    Quitting Your Job

    Providing two weeks' notice is customary. Even if your employer doesn't ask for notice, it is a good idea to offer it. Even though it's not easy, it is best to tell your boss in person. Try to remain positive since you may need a reference in the future. In some cases, you will need to resign in writing.

    A well-written resignation letter can help you maintain a positive relationship with your old employer while paving the way for you to move on. Networking isn’t just something that happens at formal networking events. Keeping ties to your former colleagues will help you grow a robust network that will help you grow your career for years to come.

    Getting Fired

    Getting fired can happen to the best of us. Sometimes, there's a personality conflict. In other cases, the job can be difficult or there simply may not be a good match between you, the job, and/or the company.

    Try not to take it personally. It doesn't mean that you are a failure. Rather, it means that you weren't meant to be doing this job. Many famously successful people were fired at some point in their careers. This experience may lead you to better opportunities.

    Managing a Lay-off

    If you’ve been laid off, you’re also in good company. Depending on your industry and the economy, you can find yourself out of a job through no fault of your own.

    But even when you know you didn’t do anything to cause your termination, losing your job is stressful. The best thing to do is to learn about the benefits you’re entitled to receive as a former employee. In addition to unemployment insurance, health insurance, and pension benefits, you may be offered a severance package.

    Note

    Companies aren’t obligated to provide severance pay; however, depending on circumstances, they may do so anyway.

    Employment-Related Benefits

    Before you leave your job, you will need to know what benefits you are eligible for. You are entitled to receive some benefits by law.1 Your employer may opt to provide additional benefits other than those mandated by state or federal law.

    Ask about severance pay, accrued vacation, overtime and sick pay, pension benefits, and eligibility for unemployment insurance. Request information on the continuance of health and life insurance benefits.

    Note

    If you have any questions about what is offered, check with your human resources department or state department of labor for clarification.

    Unemployment Benefits

    Don't wait to file for unemployment. The sooner you file, the sooner you will start receiving checks. Look up the details on where to file for unemployment, how to file, what you need, eligibility requirements, disqualifications, extended benefits, and more unemployment insurance information.

    Health Insurance (COBRA)

    Your employer—if the firm has over 20 employees—is mandated by law to offer health insurance coverage through COBRA to terminated employees for 18 months.2 You will need to pay for this coverage. In some cases, employers will pay for coverage for a limited time as part of a severance package.

    Note

    Some states have laws similar to COBRA, called mini-COBRA, including some legislation that applies to employers with fewer than 20 employees.3

    Health Insurance (Marketplace)

    The government's Health Insurance Marketplace provides individuals a way to shop for coverage on their own, see how individual and family plan prices compare to COBRA, and decide which option is the best for them.

    स्रोत : www.thebalancemoney.com

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