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A severance package is pay and benefits employees receive when they leave employment at a company. In addition to their remaining regular pay, it may include some of the following:
- Any additional payment based on months of service
- Payment for unused accrued PTO vacation time Holiday pay or sick leave.
- A payment in lieu of a required notice period.
- Medical, dental or life insurance
- Retirement accounts (such as 401(k)) or 403(b) benefits
- Stock options
- Assistance in searching for new work, such as access to employment services or help in producing a résumé.
References[change | change source]
- Thibodeau, Patrick. "Displaced IT workers are being silenced".