It is understandable if you fear losing your job. Fortunately, receiving severance pay or a benefit package may help you sustain a living until you find new work. However, you should first know if you will get any severance benefits at all.
According to U.S. News and World Report, employers do not have a legal obligation to provide workers with severance pay. There are ways you could find out if your job includes a severance package.
Your employment contract
In the event you signed a contract to gain employment, you should check your agreement for any descriptions of a severance package. An employment contract should include relevant details to qualify for severance.
For example, you could learn whether or not you will forfeit severance if you voluntarily quit your job. Additionally, the contract should tell you if you must work a set number of years before becoming eligible for severance.
The company policy
Some workplaces describe a severance package in a written company policy. An employee handbook is a good place to check. You might find important details about how to qualify for severance and what behaviors to avoid in order to prevent forfeiture of severance.
If there are no written documents available to establish severance, checking with workplace management could shed some light on the matter. The human resources department may help you understand whether or not your employer offers a severance package or pay.
Given that getting a severance package could mean a lot in the days and weeks after you lose your job, being aware of your options is important so you can plan for your future.