10 Things To Know About Severance Packages

Last Paycheck vs. Severance Package

For most, the first questions that come to mind are "what's in my last paycheck?" and "what is the severance package ?how many weeks of salary will I receive?"

Last Paycheck ?Typically this covers all the time worked until your termination date, accrued vacation time payouts due, statutory deductions and your benefit elections. In some cases, you may be eligible for an accrued sick leave payout or a bonus payout depending on your company's policies.

Severance Agreement - This contains the severance pay and benefits that employers elect to offer beyond your last payment ?commonly known as the severance package.