Understanding Severance Pay And Who Can Claim It

The term severance pay may seem very confusing for a number of people and deciding whether or not you are eligible for this Severance Pay would be a daunting task. If you have just lost your job and you would like to know whether or not you can get severance pay then you should understand that the first thing that you need to check is your offer letter to see whether or not your organisation had severance pay on the terms or not.

If severance pay was part of your package then yes you can go ahead and claim it but then this depends on what terms you had set with your employer. The amount of money that you can claim on severance depends on whether or not you have your terms cleared out at the start. You can always refer to a severance pay calculator to see whether or not you will be able to claim the kind of money that you are looking forward to claiming.

How to check whether you are eligible for severance pay or not is to make sure you haven’t written in your terms and once you have confirmed it you can then go ahead to your HR department and ask them about the claim. Usually this is a one day process and you get your money almost as soon as you have applied for the claim. Sometimes however this could be a little beating around the bush and you may have to follow up with them a few times before the money is in your account. In order for you to make sure that you have your severance pay given to you at the right time make sure that you take all your documents and go prepared to your employer in order for the claim to be cleared out more smoothly.