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The following article originally appeared on the BerniePortal blog, as part of its human resources (HR) best practices blog series. BerniePortal is a human resources platform developed by EO member Alex Tolbert.
Navigating the world of human resources (HR) can be overwhelming. That’s why we’ve created a blog series to answer common HR questions. To help answer each question and define best practices, we have three HR heroes with very different approaches to HR: Bythe Booke, Sam Blackheart and Peggy Prag. You may find yourself relating to one (or more) of our heroes depending on the given situation. To see full descriptions of each character, reference our first blog of the series using this link.
Last week we covered, “Do I have to offer the same health insurance benefits to everyone?” Now, let’s see what Bythe, Sam, and Peggy have to say about our next question.
Background
Severance pay is the amount of money or benefits given to an employee as that employee leaves an employer either voluntarily or involuntarily. Severance is often offered to terminated employees in order to lighten the burden of unemployment. Employers also offer severance pay in exchange for signed release agreements from the terminated employee(s). This exchange is typically used in part to avoid the possibility of costly litigation.
Is there a law or regulation?
In most cases, severance pay is not required by law, however there are two primary exceptions. These exceptions include:
• Severance mandated by state laws: Some states require employers to offer severance pay to employees in response to something beyond an employee’s control. For instance, certain states may require employers to offer severance in the event of a facility closing or mass dismissal of employees… Read More
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