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What Is a Severance Package?
Compensation for Laid-Off Employees
A severance package is a comprehensive compensation package provided to an employee when their employment is terminated due to a company layoff or restructuring. It can include various forms of compensation and benefits, such as:
Financial Compensation
This may include severance pay, lump-sum payments, or continuation of salary for a specific period.
Health Benefits
The package may extend health insurance coverage, dental care, or vision care for a specified time.
Outplacement Services
Severance packages often include job search assistance, career counseling, and resume writing services to help employees transition to new employment.
Vacation Pay and Bonuses
Accrued vacation time, bonuses, or other outstanding payments may be included in the severance package.
Other Benefits
In some cases, severance packages may include additional benefits, such as paid time off, severance pay for extended periods, or education and training expenses.
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