What Is Severance Pay?

Severance pay is the compensation and/or benefits an employer provides to an employee after employment is over. Severance packages may include extended benefits, such as health insurance and outplacement assistance to help an employee secure a new position.
It is given under Industrial Disputes Act,1947 if a worker is employed for a period of 248 days.
Employers offer packages to employees who are laid off, whose jobs are eliminated because of downsizing, or who retire. Some employees who resign or are fired may also receive a severance package.
Severance pay can be a goodwill gesture on the part of the employer and can provide the employee with a buffer between working and unemployment.

Source: TH/WEB

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