Severance Agreement Meaning

No one wants to be expelled from his job, without pay, to feed his family, although employers can do so “as they please”. As we saw in our comprehensive guide to terminations, a severance pay agreement is usually granted to the employee at the notification meeting. This meeting takes place after the person has been notified to meet with the HRD. Severance pay agreements could, among other things, prevent an employee from working for a competitor and waive any right to assert a right against the former employer. In addition, a worker may waive the right to claim unemployment benefits. An employment law specialist may be contacted to help assess and review a severance pay agreement. .