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The minimun should be 1 week per year, but 2 weeks per year would be more fair.
We give 1.5 weeks for every year for non officers and 2 weeks for officers. It is also a minimum of 8 weeks for all employees.
Some policies I have seen offer 2 weeks upfront, then 2 additional weeks per year of service. The employee signs a release to obtain the severance.
We have offered 1 week per year (minimu 2 weeks and maximum of 8 weeks) and rounded years of service up. We also pay out any unused vacation (which is not accrued or owed per our policy) and bonus for work performed to date. We do require a release to receive this.
We have a similar poilcy in our company. We offer 1 week per year (minimum 2 weeks) and any unused vacation/earn time. We may even give any year end bonus money that normally would come to the person (perhaps pro-rated).
Have done 50+ of these this year (some EE’s with over 10 years of service) in our privately held company. Offered 1 week per year (minimum 2 weeks, max 12 weeks) and rounded years of service up. Many public companies have a much more generous cap (26-52 weeks)