Key Points
With widespread layoffs, it's important for individuals to be aware of their post-layoff benefits entitlements and negotiate with their employers to secure a favourable severance package, healthcare support, outplacement services, and stock options..
While the specifics of a severance package may vary, companies usually provide a portion of the regular pay, vacation or sick leave value, retirement benefits, and insurance coverage for a certain period..
As layoffs continue to make news, networking websites like LinkedIn and Twitter feature stories of employees who are either expressing dissent over their unfair termination or requesting potential employers to hire them...
Although the terms of a severance package may vary from one organisation to another, every employer usually provides a part of the regular pay, the value of unused vacation or sick leaves, retirement benefits, stock options, medical insurance as well as the continuation of insurance for a certain period...
The law also states that the severance pay must be calculated based on the formula prescribed by the government.. 2) Payment of Gratuity Act, 1972 A gratuity is a sum of money offered to an employee when their services end in an organisation..
