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Severance pay in Luxembourg upon termination of a work contract becomes due after five years' service with a single employer, provided the employee is not entitled to an old-age pension and the termination is due to redundancy, unfair dismissal, or covered in a collective labor agreement. [32]
For example, you might receive two to four weeks of pay per year of service. In a recent mass layoff at Google, workers received 16 weeks of pay, plus two weeks for every year of service.
Although not offered by all companies, a severance package is... Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways to ...
Continue reading ->The post A Guide to Severance Packages appeared first on SmartAsset Blog. You may see it coming if your company is experiencing hard times, or you may be completely blindsided.
Severance pay is not mandatory; however, employers usually offer severance package as a gesture of goodwill and competitive advantage. Severance pay is paid, if any, based on employee’s years of service and contribution to the company. It may also include continuation of benefits and other perks (health insurance, outplacement assistant, etc.).
If you receive severance pay from a former employer, you may actually end up in a pretty good place financially. Many severance packages pay 50% to 100% of wages for a specified time period, and if...
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