Severance pay is:

Question

Severance pay is:

Quizplus · Accepted Answer

Severance pay is the equivalent of salary for the notice period when an employee is terminated due to reasons beyond their control, such as a company downsizing or restructuring. It is usually paid as a lump sum and can range from a few weeks to several months of salary. Options B and C are incorrect because severance pay is not necessarily issued for medical reasons or withheld if the employer terminates employment. Option D is partially correct, as severance pay is typically paid after the final paycheck, but the range of time can vary depending on the specific circumstances.

Severance Pay Is