If only the severance pay would be a little more generous... I am very worried about what will happen if I get laid off because I don't believe that the severance pay will help me enough to cover basic expenses until I manage to find a new job.
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I believe it's about 1 week per year worked... So if you've worked 5 years, you get 5 weeks severance. I think it can be slightly different based on pay grade too.
Is Severance still 1 month for every year worked?
The severance schedule is out on Sparq
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At least there is a severance at all. Not all companies have this and that is even more devastating.
Agreed, severance package is not enough but if layed off then you are eligible for unemployment. From what I have read, the severance is a lump sum and received within 30 days of final workday. I’ve also heard that unemployment can take time to kick in. To take care of your family I think filing immediately for unemployment would help reduce financial strain. Uncertainty is stressful, hang in there.
What is the standard severance pay?