Although there is no legal requirement to offer severance, many companies provide it to employees after their employment is terminated. In general, severance pay is based on length of employment. You may decide to offer a week’s pay for every year of service, or a flat amount based on six weeks’ pay. When provided, it’s given either as a lump sum or paid over a number of weeks.
- What should we do when one of our designated paid holidays falls on a weekend when we aren’t open? Do we need to offer an alternative day off?
- How many hours can I assign to a part-time employee? Is there a limit?
- State Law Alert – Maine: 2024 Minimum Wage Increase
- What should I know about checking employee references?
- Federal: EEO-1 Reporting Opens October 31