Illinois Questions and Answers about Severance pay

What does the term "rescission period" mean in a severance package?
This is the paragraph from my severance package that I would like clarified. Payment of your severance will be made to you in thirteen (13) biweekly installments, the first of which will be paid as so...
1 answer  |  asked Nov 17, 2011 07:33 AM [EST]  |  applies to Illinois

My ex employer is offering a conditional severance - if a sign a non compete
I'm 56 - got sick - Employer Threw the health insurance premium at me and said this is unacceptbale - wife also got sick. After that down hill - entire staff aware of health issues and we were brunt o...
1 answer  |  asked May 30, 2010 06:44 AM [EST]  |  applies to Illinois

How is severance pay taxed?
In the agreement they want me to sign they want me to accept all tax liability. If it's considered income shouldn't the corp. pay normal payroll taxes and insurances? How do you get an agreement revie...
1 answer  |  asked Jan 19, 2010 3:39 PM [EST]  |  applies to Illinois

How long does a discharged employee have to accept a severance pay offer?
Employee is over 40. We allowed 21 days from discharge Nov 2 2009. Another month will have passed without a response to accept, reject, or counteroffer as of Dec 23. We did not write in an "end date" ...
1 answer  |  asked Dec 16, 2009 12:27 PM [EST]  |  applies to Illinois

Employment contract - severance agreement
Hi MEL, I have recently being made redundant from my position, I do have a very healthy severance clause in my employment contract, which would expire in April 2008 They did offer me another position ...
2 answers  |  asked Jan 19, 2007 3:27 PM [EST]  |  applies to Illinois

Must employer give patent bonuses to laid-off employee?
My employer will be laying off quite a few employees this spring. At our place of employment, any patents we author belong to the company, but we do get a bonus for each one that becomes viable ($1,00...
1 answer  |  asked Sep 22, 2006 07:32 AM [EST]  |  applies to Illinois

Separation Agreement
I have recently been terminated from my employer and have been asked to sign a Separation Agreement in order to obtain a severance package. I have a question about a clause in the agreement called a n...
1 answer  |  asked Aug 8, 2006 10:08 PM [EST]  |  applies to Illinois

Severance release signed, but no payment has been sent.
After being fired for a disagreement with my former employer, the HR manager asked me to sign a release agreement in exchange for 10 days severance. HR phoned me to say they received the contract and ...
1 answer  |  asked Dec 24, 2005 6:39 PM [EST]  |  applies to Illinois