I just got conformation that they will not be paying severance to the stores that are set to close on the 11th
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@1ktd+14jBV8wZ Life isn’t always fair...... If abacus advisors are fulfilling their obligation(s) according to whatever was agreed upon/signed, then they’re entitled to get paid.
Some states require an employer pay severance pay when laying off a large number of individuals, such as through a plant closing or a bankruptcy or other massive shutdown of the company.
Severance may be required when a precedent has been established such that employees expect they will be paid severance when they have been let go because others who have been let go have received severance pay.
Severance will be required if it was included as part of an employment contract.
Severance pay may also be used as a way for employers to pacify former employees that may be leaving on questionable terms. In order for the company to avoid lawsuits for potential issues for problems that the employee encountered while on the job, the employer may offer a severance package. A severance package may help the employer avoid having to deal with situations that may have been actionable in court, if the employee chose to sue the employer.
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Publicly traded companies aren’t required either
private companies are not required to pay severance, only Publically traded and only in some states