Negotiating a severance package on your behalf

| Jun 17, 2020 | Employment Law

Owing to the current economic challenges brought about by the ongoing health crisis, the economy has taken a beating and many people are losing their jobs. While its true that Kentucky has employment laws can may be termed employee-friendly, the fact remains that the current situation is forcing many businesses to cut down costs, and more often than not, businesses find reduction in manpower the most effective method of reaching their cost-cutting goals.

It probably goes without saying that once the steady source of income is disrupted, the world can come crashing around an employee and his or her family. The last paycheck can only last for a certain number of days and there is nothing but uncertainty beyond that. For this reason, employees who are being laid off due to the current economic situation can try to negotiate a severance package that could position themselves favorably until the next opportunity comes knocking.

At our law firm, Hayward & Hayward, PLLC, we understand the various factors that need to be taken into consideration when an employee enters into negotiations for a severance package. For example, the major factors that are used to determine an adequate severance package include your wages and benefits at the time if separation, the severance package that other employees in a similar role typically receive, your age and your future financial needs, the possibility of continuing the health coverage and other similar benefits, potential tax obligations, and a release from legal liability.

As mentioned earlier, employees have decent legal protections in Kentucky. As a result, employers often provide an adequate severance package. However, there have been many instances in the past where the employers have not been so generous. Whatever the situation may be in your case, it may be a wise decision to seek legal guidance, irrespective of whether your employer is providing a severance package or not. To understand how we can help you, please visit the section of our website that is dedicated to the negotiation of severance packages and agreements.