If you or someone you know finds that you are in a situation where you are asked to part ways with your employer, there are important things you should know and consider when negotiating severance Packages with the business or your employer. Negotiating severance packages can be difficult and if you find that you have questions or need help, it is recommended that you speak to a Tennessee employment severance package lawyer right away. In negotiating these agreements there are a few key points to focus upon.
The first question you should ask about severance page if you are a Tennessee employee is whether or not you will be entitled to severance pay if you are laid off or terminated from your employment. Companies and businesses are not required by law to provide severance pay but your employer may offer it in order to build a good relationship with employees and also as a way to continue that good relationship if an employee gets laid off. Finally, a company may also offer a severance package as a way to negotiate that you give up your legal rights. If you are terminated because of misconduct, you will more than likely not receive severance pay unless you are legally entitled to because your employee contract states that you receive it, it is a part of the company’s policy, or your company had a massive layoff without sixty days notice.
Another question to ask about severance pay is how the pay is determined. Some companies use a specific formula for figuring severance pay. However, if your company or business does not some general factors that go into the calculation include: number of years you have been with the company, your job position within the company, the company’s size, and whether severance pay was included in your employment contract. The final question you should ask about severance pay is whether or not all the severance is monetary. Other severance pay could include items such as: health insurance, life insurance, bonuses, and sick or personal days that were unused.
If you still have questions or concerns about you severance pay, then we suggest that you contact one of our compassionate and experienced Tennessee severance negotiation attorneys as soon as possible. We care about our clients and will work with you to answer any questions you may have as well as help you negotiate the severance package that is best for you.
Contact us online or call us at 800.705.2121 to set up a FREE consultation to discuss your legal options.