February 26, 2017

A parting of the ways—with perks

Shakespeare wrote that parting is such sweet sorrow. But it can certainly be more sorrowful than sweet if you are let go or resign from a company without reasonable recompense. To sugarcoat matters, a severance agreement may be offered on or before your last day at work. This agreement may include a package that provides various benefits and severance pay that’s separate from your final paycheck.

U.S. labor laws don’t typically obligate employers to pay severance, and you shouldn’t expect it if you’re being terminated for cause or are a low-level and at-will employee. However, many companies offer it and may be willing to up the ante on what’s included in your severance deal, say the experts.

Learn more about how to negotiate a severance package by reading my newest article for AARP The Magazine, which you can access here.