How do I ask for more severance?
How to Negotiate a Severance Package
- Additional weeks of salary, sometimes based on your tenure at the employer.
- Payment for unused vacation and sick days.
- A lump-sum payment to account for lack of notice of employment termination.
- Medical or dental benefits or life insurance.
- Retirement or 401k benefits.
- Stock options.
Should you negotiate severance?
If you are terminated, you want to be able to negotiate a reasonable severance package, especially if you have an existing employment agreement. And your ability to get additional severance pay or benefits will depend on any negotiating leverage and potential claims against the company you may have.
What do you do when you get a severance package?
What should you do if you are offered severance?
- Take your time.
- Gather information.
- Review the package in detail.
- Think of reasons why you were fired.
- Decide whether to negotiate.
- Decide what to negotiate.
- When in doubt hire a lawyer.
How much severance should I get?
The severance pay offered is typically one to two weeks for every year worked but can be more. If the job loss will create an economic hardship, discuss this with your (former) employer. The general practice is to try to get four weeks of severance pay for each year worked.