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What figure do they use to calculate the weekly pay amount? For example, if a selling associate made $30K last year, would they just divide that by 52 in order to get the weekly pay amount, then multiply it by the years of service?
Lets say the associate has been there 15 years. Would it be $30,000 divided by 52, then multiplied by 15? Meaning the severance package is $8,653.85?
How will they calculate it?
Will employees be offered a severance pkg or will that not be offered bc of financial issues?
For hourly you get one week pay for every year you have been employed
Severance pay is often granted to employees upon termination of employment. It is usually based on length of employment for which an employee is eligible upon termination. There is no requirement in the Fair Labor Standards Act (FLSA) for severance pay. Severance pay is a matter of agreement between an employer and an employee (or the employee's representative).
What about SOEE?
What if you're executive?
Depends on whether you are hourly or executive.