What You Need to Know About Your Severance Package
Losing a job is a terrifying reality to any employee who depends on work for financial security. Fortunately, some companies offer severance packages to assist former employees who have to start job hunting. While labor laws in Oklahoma do not require employers to provide severance pay, some companies have created polices and added the possibility to employment contracts. It’s in your best interest to review your options with an employment law attorney before accepting a severance package.
What Is a Severance Package?
Depending on the generosity of your employer, a severance package can include additional pay and extended health insurance and benefits coverage. The payout can be offered in weekly payment installments or as a lump sum.
You’re absolutely right if you believe this sounds a little too good to be true!
The Dangers of a Severance Package
Severance packages aren’t offered out of the goodness of a company’s heart. In fact, most severance packages have conditions that are meant to restrict a former employee. For example, many severance packages are offered to keep a former employee from speaking negatively about the company or pursuing legal action for their termination. In problematic circumstances, an employee may be told to sign paperwork ensuring they won’t seek employment with a competitor. Some companies don’t even allow former employees to have a job while severance pay is in effect!
It’s important to discuss the conditions of your severance package with an employment lawyer before committing to anything.
Negotiate Your Severance Package
Severance agreements are difficult to navigate and often vary by employer. Before you sign an agreement with your company, contact our employment law attorneys to discuss your legal options. A skilled lawyer can negotiate your severance package and seek additional compensation.
Call Mazaheri Law Firm at (405) 414-2222 to learn how we can negotiate your severance agreement.