Severance Pay

(redirected from Severance package)
Also found in: Dictionary, Thesaurus, Medical, Legal, Financial, Wikipedia.
Related to Severance package: severance agreement, severance pay

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 ?
A major part of the cost of the severance packages was the sums paid by the councils to the Teesside Pension Fund to cover the pension costs of employees leaving the authorities early.
Minimize emotions, and your chances of bettering your severance package are enhanced.
outlines two articles to be voted on by the membership: a severance package of salary, housing, Social Security and medical insurance for up to 12 months, or until Mr.
A Severance packages have come under heavy scrutiny lately, particularly since many company policies on this matter are out-of-date.
No law requires employers to give severance packages to laid-off workers, said Margo Norton, deputy commissioner of the Oregon Bureau of Labor and Industries.
Reviewing your options with a financial advisor and tax consultant will ensure that you maximize all the benefits of your severance package.
The severance package is tied to the reduction in workforce.
com/reports/c84365) has announced the addition of "What to Know Before Accepting a Severance Package From Your Company: 60 Minute ReedLogic Video Enabling You to Get Smart Fast on the Facts, Key Terms and Areas of Negotiation (DVD)" to their offering.
I would like to hazard an uneducated guess that Mr Stratford, despite taking (very) early retirement at the age of 54, received a very generous severance package paid for, at least in part, by every single council tax payer in Newcastle.
is providing a generous severance package to Douglas Hacker, a longtime member of the company's executive management team who sued UAL in March to recover bonus and incentive payments he claimed he was owed.
In a two-page letter with supporting documents, Stuckey said aides to former Mayor James Hahn had offered him assurances of a longtime job or a substantial severance package when he accepted the job late last year.
Also, a severance package was put together for the staff.