U.S. is flooded by pink slips— A blizzard of severance packages hits Career Protection.com
As nation’s unemployment rate bolted above 6 percent for the first time in five years, employees seek legal advice from Career Protection. Severance pay is not an issue to handle lightly.
New York, NY – Sep 08, 2008 – A professional image and future is not something to be dealt with under terms of inflexibility. Negotiation will always be required when employment or severance agreement terms are being established. This applies both at the beginning and at the end of a professional relationship. It does not matter whether the employee is being hired, fired, laid off or retired. There are always long and short-term issues to be considered and agreed to by both parties.
Where the issue of severance pay is concerned, it is always best to have access to expert legal advice, since companies force employees to sign a Release of Legal Claims in order to receive their severance pay packages. In addition, there is a great deal at stake regarding final payments of salary, insurance, benefits and compensation.
Frequently many professionals enter into employment contracts unaware of the impact of severance pay on their taxes and financial situation. They will often feel pressured to sign a contract right away, but are unaware that federal law provides for an extended period, up to 45 days for legal review, of time for negotiation before a signature is required.
A common mistake of severance pay is the belief that it is not open to negotiation. This is not true. It is greatly beneficial to anyone in the midst of a contract review or employee termination to discuss the terms of any severance pay arrangements if they are going to be damaging to an individual.
Career Protection is a world leader in negotiation of employment issues, including severance pay and separation agreements. Career Protection is the only HR and Legal solution organization dedicated to assisting executives and professionals on a nationwide basis. The company’s human resources and legal experts work to protect the careers and legal rights of their clients.