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With that said, you are still without a job after the layoff happens. Your actions immediately after learning about your company’s plans have a definitive effect on the next phase of your career ...
Severance agreements cannot contain clauses that prevent employees from speaking to an attorney to get advice about whether they should accept the offer, or speak to an attorney after they sign. The offer also cannot require that the employee commit a crime, such as failing to appear subject to court subpoena for proceedings related to the company.
The Worker Adjustment and Retraining Notification Act of 1988 (the "WARN Act") is a U.S. labor law that protects employees, their families, and communities by requiring most employers with 100 or more employees to provide notification 60 calendar days in advance of planned closings and mass layoffs of employees. [1]
Let's say your employment contract expressly states that any worker who's laid off gets severance equal to one month of pay per 12 months of employment, up to a total of 12 months of compensation.
In the first of this three-part series on the dos and don'ts of retirement savings, I reviewed how to best manage a 401(k) or similar employer-offered benefit. But as today's companies continue to ...
"Mass layoff" is defined by the United States Department of Labor as 50 or more workers laid off from the same company around the same time. "Attrition" implies that positions will be eliminated as workers quit or retire. "Early retirement" means workers may quit now yet still remain eligible for their retirement benefits later.
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While the main formal term for ending someone's employment is "dismissal", there are a number of colloquial or euphemistic expressions for the same action. "Firing" is a common colloquial term in the English language (particularly used in the U.S. and Canada), which may have originated in the 1910s at the National Cash Register Company. [2]