Severance pay is a form of compensation employees receive when they are laid off or fired. It is also sometimes referred to as a parting gift, a golden handshake, or a severance package. Severance pay can be a one-time lump …
No, severance is not required by law. Severance is a voluntary departure from a job in exchange for certain benefits, such as pay or benefits continuation. While many employers choose to provide severance to departing employees, it is not required …