Knowing Your Rights When It Comes to Severance Packages
The provision of severance packages to employees is not mandated by law. As a result, severance agreements are only offered at the employer’s discretion. Most severance agreements include medical benefits and compensation for a set period of time in exchange for the employee relinquishing his or her right to sue the company.
When an employer is concerned about age discrimination, an individual may be given 21 days to review whether to take a severance package. This is to insulate the corporation against accusations of using coercion to get an employee to accept a job offer.
Because there are so many legal and financial considerations to consider when assessing a severance package, speaking with a severance lawyer in calgary before signing could be the best approach to safeguard your interests and rights.
Why Should I Consult an Attorney About My Severance Package?
Employment law experts work closely with clients to evaluate the terms and conditions of a severance payment. Contact severance agreement lawyers now to discuss your situation.
A Calgary severance agreement lawyer can explain:
- What, if any, allegations against a firm are worth pursuing?
- If you have a reasonable probability of winning.
- What you can do if a term is unclear.
Enforceability and Severance Agreements
The legality of a severance agreement is critical for enforcing the employee’s release of rights not to pursue a lawsuit against the company. In order for a severance contract to be binding, an employer must provide an employee with benefits that are in addition to what they would receive if they left the company.
A severance contract, for example, could include leftover sick pay, vacation money, an extension of healthcare insurance, or even a continued contribution to an individual employee 401(k) account, depending on the employer’s preferences. An employee may be freed from a non-compete agreement if a severance agreement does not include these types of additional benefits.
Negotiating a Severance Package or a Severance Agreement
Employers frequently use severance agreements to settle possible whistleblower lawsuits, biasness and retaliation cases, wage and hour issues, and other personnel claims. When deciding whether to take a severance package, it is critical to understand your legal rights and responsibilities in the context of various conflicting legal and financial considerations.
When it comes to deciding whether to accept a severance payment, A severance lawyer can investigate your rights in terms of health care, disability coverage, COBRA issues, and ERISA claims that may emerge because of your mid-career layoff.
If you are under time pressure to take or deny a severance package agreement, we are ready to provide you with rapid, appropriate assistance. On the other side, if you have already accepted a severance package agreement, we can also defend you.
To Conclude
If your company has offered you a severance package, it is critical that you seek legal assistance to protect your interests and most of all a lawyer can help you to turn the Severance agreement in your favor.
