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- What's the general rule on how much severance pay to offer RIF'ed employees?
What's the general rule on how much severance pay to offer RIF'ed employees?
- By John Wilcox, Moderator
- 9/15/2009 - 10:30am
- Human Resources , People Management , The HR Specialist Forum , Compensation & Benefits , Terminations
John Wilcox, Moderator
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John Wilcox is senior editor of 15 HR Specialist newsletters covering employment law, compensation and benefits, as well as theHRSpecialist.com. A journalist who has covered HR, training, organization development and business management for more than 15 years, John keeps his finger on the pulse of what’s working in HR through daily contact with some of the nation’s top HR pros, business people and employment law attorneys.
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6 Responses to "What's the general rule on how much severance pay to offer RIF'ed employees?"
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said this on 15 Sep 2009 4:52:43 PM EST
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)
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said this on 16 Sep 2009 8:55:55 AM EST
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).
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said this on 18 Sep 2009 7:26:39 AM EST
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.
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said this on 21 Sep 2009 5:30:05 PM EST
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.
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said this on 23 Sep 2009 11:40:38 AM EST
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.
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said this on 23 Sep 2009 5:29:56 PM EST
The minimun should be 1 week per year, but 2 weeks per year would be more fair.
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