›

Severance/Stay Pay

checchec 17 Posts
in Compensation Vote Up0Vote Down
Our company may sell one of its divisions resulting in termination of employees. However, the transition would take 3 to 6 months. We have a severance pay policy ranging from 2 weeks to 13 weeks depending on length of employment. We will need some employees to stay with us until the transition period is completed. We are considering a "stay-pay" in addition to severance pay for those willing to stay to the end. I would like to know what other companies are offering for stay-pay?
Share on Facebook Share on Twitter

Comments

  • 1 Comment sorted by Votes Date Added
  • RuthanneRuthanne 10 Posts
    PMVote Up0Vote Down
    We are a small employer & closed a 3-person branch last year. We offered
    a "Retention Package." Each employee would receive 2 months pay &
    2 months health insurance coverage IF they worked through the last day
    the branch was open. We offered this package 3 months before the branch
    was closed & all 3 employees chose to stay.
    Share on Facebook Share on Twitter
Sign In or Register to comment.