Examples of severance pay clauses in contracts

severance pay  Severance pay is pay to help employees financially for a short period after they are terminated due to budget cuts, removal from the posts, or any severance payments are properly authorised; and; the amount is reasonable and a proper use of public money

Any employer who closes or engages in a mass layoff at a covered establishment is liable to eligible employees of the covered establishment for severance pay at Quick Reference Money to which an employee is entitled at common law upon the termination of his contract of employment; for example, pay in lieu of notice,

In that case, mandated severance pay can have allocative effects Specifically, we expect severance pay to reduce both layoffs during recessions and new hiring Severance pay is often granted to employees upon termination of employment It is usually based on length of employment for which an employee is eligible