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Employment Law question. What does this mean in my severance agreement
24-Jun-2023 (In Labour & Service Law)
What does this mean?
"Severance: The firm shall pay to Employee severance pay in the gross sum of $3,139, which is equivalent to two (2) weeks of Employee's current base salary. This sum shall be treated as wage income, and shall be subject to applicable federal, state, and local withholdings and deductions. Payment shall be made in increments equal to Employee's current base salary on the Firm's regularly scheduled payrolls dates following the Effective Date."
Severance pay is often granted to employees upon termination of employment. It is usually based on length of employment for which an employee is eligible upon termination.
Further and better particulars are needed for an effective opinion.
Helpful?
Adv. Tushar Kumar
Delhi | 200+ Answers
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Hi,
Severance pay refers to an amount paid to an employee on the early termination of contract.
Here you will get $3,319 as severance pay which is 2 weeks of your basic salary.
It will be given subject to tax deductions.
We may be able to assess the full impact of th same after going through the contract.
Feel free to get in touch to discuss this further!
Regards
Smriti Khurana
Advocate
Helpful?
Adv. Smriti Khurana
Delhi | 25+ Answers
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