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[Music] lets take a look at severance pay many employers provide severance pay a one-time payment when terminating an employee most managers expect to give them one or two weeks notice if they plan to quit so severance pay seems appropriate when dismissing an employee reducing litigation from disgruntled former employees is another reason severance pay also helps reassure employees that theyll receive some financial help if let go as well if the employer obligates itself to pay a severance then its voluntary plan must comply with additional erisa rules the reason for dismissal usually affects severance pay about 95 percent of employees dismissed due to downsizing get severance pay but only about a third of employees offer severance when dismissing for poor performance the maximum weeks of severance pay tends to vary by position in one survey about 45 percent of officers and senior executives got 52 or more weeks 42 percent of professionals got 14 to 26 weeks and 39 of administrative
