Severance Packages

Severance packages are compensation and benefits that an employer provides to an employee upon termination of employment. These packages are often offered to employees who are laid off, downsized, or let go for reasons other than misconduct. Severance packages typically include a combination of monetary compensation, continuation of benefits (such as health insurance), and sometimes assistance with job placement or retraining. The amount and terms of severance can vary widely depending on company policy, the employee's length of service, the circumstances of termination, and any employment contracts or agreements in place. The purpose of a severance package is to provide financial support to the employee during their transition to new employment and to mitigate the impact of job loss.