Are there circumstances where I might not receive severance if I am laid off?
Nicole asked:
I work in the mortgage industry and as we all know it’s not doing too well right now. The company I work for announced some big 3Q losses this week. I survived a big layoff in August and since then I thought my job was safe. Now with this announcement I’m not so sure anymore. Right now with my personal financial situation I think the only way I could keep my head above water if I were laid off is if I relied on severence pay. I highly doubt the company is going to go belly up any time soon, but with the financial situation the company is in, should I have to worry that I would not receive severence pay?
I work in the mortgage industry and as we all know it’s not doing too well right now. The company I work for announced some big 3Q losses this week. I survived a big layoff in August and since then I thought my job was safe. Now with this announcement I’m not so sure anymore. Right now with my personal financial situation I think the only way I could keep my head above water if I were laid off is if I relied on severence pay. I highly doubt the company is going to go belly up any time soon, but with the financial situation the company is in, should I have to worry that I would not receive severence pay?
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Comments
Employers are not required to give terminated employees severance pay. Usually it is given to employees with a long service record and exemplary performance. I don’t know how long you have been with the company or what your level of service has been, but given the industry and high level of turnover, I wouldn’t count on severance pay.
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