Severance

Randycgepp

Does anyone have any statistics concerning rif severance benefit amounts. What is "standard" for execs? How are amounts determined, i.e. weeks per years of service etc.

davids

I am not sure what is "standard" in the labor market; but all of our executive employees have employment agreements that include severance pay at three months pay plus one week of pay for each full year of service.

stilldazed

We have no severance packages, but in two prior lives, my employers offered 2 weeks per year of service if the severance was under favorable circumstances and left the worker in good standing. It was also across the board for all staff, not just mgmt staff.

NaeNae55

At a prior employer employees were offerred 1 week per year of service. Management staff was given a bonus of 1-4 weeks on top of that. I don't think there is really a standard, but if there is it is probably industry specific. You might try checking trade associations or similar organizations to find out what the industry standard is.

Good luck!

Nae