Severance package

Pay and benefits an employee receives from their employer upon dismissal or layoff

A severance package is pay and benefits that employees may be entitled to receive when they leave employment at a company unwilfully. In addition to their remaining regular pay, it may include some of the following:Any additional payment based on months of service Payment for unused accrued PTO vacation time, holiday pay or sick leave unless the employee is picked up by the new buyer wherein all benefits become the responsibility of the new employer. COBRA insurance, or healthcare benefits through a certain period of time. A payment in lieu of a required notice period. Retirement accounts Stock options Commission Payments Assistance in searching for new work, such as access to employment services or help in producing a résumé.

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