In many cases, individuals who are terminated or laid off are offered severance packages to ease the burden of the job loss. These packages typically provide the individual with a continuing paycheck and benefits for a specified length of time, after which it is expected that he or she will secure are new position. Severance packages are a courtesy that companies offer to maintain their relationships with their former employees.
Severance packages can also come with stipulations for the terminated employee. In many cases, a severance package requires an individual to waive his or her right to seek unemployment benefits or his or her right to file a discrimination claim against the company. The money and benefits are offered as an incentive for the former employee to remain on positive terms with the company and refrain from doing anything that could potentially harm it.
If you are offered a severance package, do not accept it until you have reviewed its terms with an experienced employment attorney. You could be able to alter the package’s terms to secure a better plan following your termination.
You Could be Required to Relinquish Certain Rights
It is common for severance packages to ask the employee to waive his or her right to take legal action against the company. If you experienced discrimination or retaliation during your time with the company, you might not want to sign an agreement that requires you to waive this right.
You Could Get a Better Package
You might not feel that the amount of money you are offered is adequate compared to what you put into the company during your employment. Your attorney could potentially determine where the severance package can be redrafted to give you more money, better benefits, or allow you to collect severance pay longer.
Severance Packages Can be Confusing
Never sign an agreement you do not fully understand. If you are offered a severance agreement full of jargon and unfamiliar legal terms, review it with an attorney to figure out exactly what it means. Unfair requirements can be hidden in obtuse language. Review your agreement to cut through this language to determine its meaning and what it means for you.
Severance Review Attorneys in New Jersey
The Sattiraju & Tharney, LLP, is one of the New York area’s premier employment law firms. During our firm’s career, we have successfully settled a $2.8 million class action lawsuit on behalf of a group of truck drivers and a $22.6 million hostile work environment trial, as well as many other successes for our clients. Do not settle for a less experienced New Jersey severance review attorney – when your career progress is at stake, every decision you make counts. Work with our firm to ensure that you receive quality legal counsel.