None of this has stopped Watson and former president Bergstrom from demanding their severance pay.
You may get severance pay when you quit your job, are laid off or fired.
Other companies have denied employees severance pay by asserting they were terminated because of poor performance.
WSJ: Firms That Get Stingy With Layoff Packages May Pay a High Price
Under a law that takes effect later this year, Thai firms will have to increase severance pay.
Severance pay is typically a month's salary per year worked, plus generous retirement pay-offs for older workers.
If no information about severance pay has been communicated, check the company policy manual to find out what is standard practice.
Previously, laid-off employees received two weeks of severance pay for each year at the company, up to 26 weeks of pay.
WSJ: Firms That Get Stingy With Layoff Packages May Pay a High Price
" The website for the Obama Department of Labor notes, "Severance pay is often granted to employees upon termination of employment.
Moreover, under Indonesian law employees are entitled to two months' severance pay for every year they have worked for a company.
Some try to negotiate to get their jobs back or to receive severance pay, either on their own or with an attorney.
And it's not only the amount of severance pay that is negotiable.
IR Inexcusable as it is, Chile's latest scandal over public-employee severance pay might be an unintended consequence of the country's successful economic liberalisation.
But to collect her four weeks' severance pay, she would have to agree in writing to continue to be bound by the agreement.
WSJ: Firms That Get Stingy With Layoff Packages May Pay a High Price
Guatemala, for example, mandates 20 months' severance pay for its workers.
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Subsequently, the company realized that FICA taxes apply to wages but there is no provision in the Internal Revenue Code that treats severance pay as wages.
FORBES: Big Tax Win For Terminated Workers and Companies; Big Loss For IRS
If this ruling stands, the IRS can expect a tidal wave of refund applications from employers and terminated employees regarding FICA taxes paid on severance pay.
FORBES: Big Tax Win For Terminated Workers and Companies; Big Loss For IRS
All affected employees will receive severance pay and outplacement assistance.
For instance, it raised the retirement age, changed the system of severance pay that had impeded job mobility, and made university students pay for part of their tuition.
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The severance pay is subject to withholding and employment taxes.
Putnam and Welchko were forced to resign without severance pay.
Absent an appeal to and reversal by the U.S. Supreme Court, the IRS must refund the FICA tax paid by the company and the employees on the severance pay.
FORBES: Big Tax Win For Terminated Workers and Companies; Big Loss For IRS
Mary Stanton, author of the definitive Liuzzo biography, "From Selma to Sorrow, " says Viola Liuzzo discovered that a secretary where she worked had been laid off without severance pay.
The cost of paying out large severance packages (six months of severance pay is typical even for very recent hires) can be a huge drain for a small company.
So, for example, just because a business calls an executive benefit a stock option or a severance pay plan doesn't necessarily remove the plan from the sweep of the law.
First, the government reacted strongly, condemning the cases of excessive severance pay in some state-owned companies, and President Ricardo Lagos received the support of over 63% of the public for the way he handled the situation.
Under the new policy, employees of the Plano, Texas, computer-services firm with less than three years' tenure will get two weeks of severance pay, while those with more experience will get a maximum of four weeks of pay.
WSJ: Firms That Get Stingy With Layoff Packages May Pay a High Price
The client was a witness in an SEC investigation, and the agency alleged that Mr. Altman suggested in a recorded phone conversation that the client's recollection of certain events might "fade" if she got a year of severance pay.
In the cases of both GM and Chrysler, the administration's Auto Task Force was not impressed that the companies haven't been able to modify their agreements with the UAW on compensation reductions, severance pay and a union-managed health care trust.
The main effect of the new law was not an increase in the numbers of people working beyond the age of 65 but a big rise in severance pay for people leaving at what until then had been the mandatory retirement age.
In 2001 Liaoning, the north-east's wealthiest province, was chosen as a national pioneer of social-security reforms that transferred the burden of looking after former SOE employees to local governments instead of enterprises, which could rarely afford adequate severance pay, let alone pensions.
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