severance/ unemployment
My job was recently eliminated and thus I am now unemployed. I was offered a perty standard severance package. The two questions I have are as follows:
1) Should I have an employment lawyer review the contract before I sign it?
2) Can I collect unemployment at the same time I am collecting severance?
Answers (1)
Severance considerations
If your severance package requires you to sign a release of rights, an attorney will help you value the rights that you give up. Check the FAQ article on severance agreements on this site for a general discussion of how to value rights against the benefits of a severance package.
Generally speaking, if you are collecting severance as pay continuation, you cannot collect unemployment. You are either treated as still employed, and therefore not eligible, or else unemployed and eligible, but the severance offsets your unemployment benefit dollar for dollar.
The rules have changed on this issue, so try calling Job Services and ask the question. You should not have to give your name to get an answer to this particular question.
If you are interested in a consultation, our fee is $200.00 and we generally need a week to get you scheduled.
Best regards,
Neil.
posted by Neil Klingshirn | Feb 28, 2002 10:01 AM [EST]
If your severance package requires you to sign a release of rights, an attorney will help you value the rights that you give up. Check the FAQ article on severance agreements on this site for a general discussion of how to value rights against the benefits of a severance package.
Generally speaking, if you are collecting severance as pay continuation, you cannot collect unemployment. You are either treated as still employed, and therefore not eligible, or else unemployed and eligible, but the severance offsets your unemployment benefit dollar for dollar.
The rules have changed on this issue, so try calling Job Services and ask the question. You should not have to give your name to get an answer to this particular question.
If you are interested in a consultation, our fee is $200.00 and we generally need a week to get you scheduled.
Best regards,
Neil.
posted by Neil Klingshirn | Feb 28, 2002 10:01 AM [EST]
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