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A less severe form of involuntary termination is often referred to as a layoff (also redundancy or being made redundant in British English). A layoff is usually not strictly related to personal performance but instead due to economic cycles or the company's need to restructure itself, the firm itself going out of business, or a change in the function of the employer (for example, a certain ...
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]
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.
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The recent announcement of 27,000 layoffs at HP can send a chill through any corporate employee. The reality is that anyone can end up out of work from an unexpected corporate restructuring. It ...
Tom Roberts was laid off in April 2009, six weeks after he told his supervisor that he needed to have brain surgery. Paying the bills with a now-exhausted balance of vacation and sick days ...
After a year, that's $8,580 of earnings (though remember, you'll need to set aside a portion of that income for taxes). Having emergency savings to tap during a layoff is crucial.
A layoff [1] or downsizing is the temporary suspension or permanent termination of employment of an employee or, more commonly, a group of employees ...