GM is likely to either reduce severance in the future or remove it altogether. I believe that if there ever was a good time to be affected by layoffs, now is it. I don't relish the idea of being without a job even for a short while, but I relish being without a job and getting no money as a safety net sometime in the future even less.
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Nope.
No law or anything that makes a company give severance.
On the other side, you don't have to give 2 weeks notice if you quit. You can tell your boss you quit and walk right out the door.
Isn't it common courtesy or law to give severance for any employee who has been let go presuming he/she has at least 1 full year of service?
Yes, they could reduce severance in the future, but why do you think they will?
The ISP severance will be far less generous than the VSP one, but it won't be nothing at all.