Severance Pay

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Severance Pay


in Soviet labor law the sum of money to be paid in termination of a labor contract in the cases provided for by law. Severance pay in the amount of the average two weeks’ wage is to be paid at termination of the labor contract if termination is caused by conscription or entrance of the worker or employee into military service or by refusal of the worker or employee to be moved to another location together with his enterprise, institution, or organization. Severance pay is also due upon cancellation of the labor contract on the initiative of the administration in the cases of liquidation of the enterprise, institution, or organization; reduction of the staff or of the number of workers; obvious unsuitableness of the worker or employee to fulfill the under-taken service or to perform his work for reasons of insufficient qualification or of health; or reinstatement to the work of a worker or employee who had previously done the work. Severance pay in the above, amount is to be paid also on premature cancellation on the request of the worker under contract for work for a fixed term in connection with violation by the administration of labor legislation or of the collective or individual labor contract. A smaller amount of severance pay is set for seasonal or temporary workers. To persons simultaneously holding several jobs severance pay is due only in case of dismissal from the main duty.

In many cases, such as cancellation of the labor contract on the wish of the worker or violations of labor discipline, no severance pay is due.


References in periodicals archive ?
Some estimates place the overall value of FICA taxes remitted on severance pay that could be refunded to employers as high as $1 billion.
2) 20 days' remuneration for each additional year of service provided that the aggregate amount of severance pay shall not exceed 2 year's remuneration.
For example: if you were paid 39 weeks' severance pay (not including payment in lieu of notice) and then recommence employment within the public sector 10 weeks after the redundancy you would be required to repay 29 weeks' pay.
A show of hands during the union meetings last week indicated members were willing to strike over the severance pay proposals.
Furthermore, the court saw no reason to distinguish tenure rights from other ones, such as seniority or litigation rights, when those rights are relinquished to receive severance pay The taxpayers appealed the decision to the Sixth Circuit Court of Appeals where this case was consolidated with the IRS's appeal of the Eastern District Court's decision.
According to KB Home's proxy statement, Karatz would get a severance pay equal to the sum of what he earned in salary and incentives over the past three years -- roughly $80 million, the Los Angeles Times reported.
When the company refused to respond, workers demanded the severance pay that is stipulated under their union contract for position downgrades.
The union members have been on strike since 20 August, rejecting a contract proposal that would have saved 2,750 jobs and given the remaining workers up to 26 weeks of severance pay.
Support legislation to allow all veterans to recover amounts withheld as tax on disability severance pay.
Question: What are the laws on severance pay for employees who are laid off?
Under the new contract, professors who have taught at least six consecutive semesters (not including summer sessions) are eligible for severance pay if scheduled classes are discontinued and the professor is not reassigned.
The employees affected by the layoffs will be offered severance pay and outplacement counseling.