When is the payment made? Is it all at once or in installments?
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When I was laid off from Macys it was one lump sum. When NCR laid me off it was in installments. Yep I got sc--wed over twice.
@vns A gift? You're kidding right? You pay taxes on it.
Severance pay is taxable income
It usually falls in the next pay period from my experience. It is one lump some. Depending what state you live in,you are still able to file for unemployment right away. The severence pay is considered a gift not income. I was able to get unemployment right away.
Lump sum check , direct deposited if your set up . You also qualify for unemployment after the amount of weeks paid out .
Severance package is one check
I haven't been laid off but I do wonder how it's done, just to know for the future.