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Severance Packages In New Jersey
With companies downsizing at a rapid rate in New Jersey, layoffs are becoming more and more common. Many employees and executives are offered severance packages during a layoff, but at what cost? Some agreements have hidden provisions that may hinder your ability to obtain gainful employment at another company. Other packages might try to stiff you out of the compensation you deserve.
Aiello, Harris, Abate Law Group PC is a full-service New Jersey law firm dedicated to protecting employee rights. Our attorneys review and negotiate clients’ severance packages to ensure they get the fairest result possible.
What is a severance package in New Jersey?
When you leave a company, generally through no fault of your own, you may be offered a severance package. This might include various benefits, such as payment of your regular salary after your employment ends. The agreement may also provide a payout for unused vacation and sick days, cashed-in stock options, and additional compensation depending on your time of service at the company.
Severance packages are commonly offered when an employee is laid off, but might also be offered if the worker is fired or resigns.
Does my company have to offer me a severance package?
No, your employer is not required to give you severance payments. New Jersey is an “at-will” employment state, meaning you can be terminated anytime without reason or notice.
Reasons to hire an New Jersey severance package attorney to review your severance agreement
A big mistake many people make is blindly accepting the terms of their severance package without attorney review. A small investment in a lawyer’s guidance can have a profound effect.
At Aiello, Harris, Abate Law Group PC we can help you negotiate certain provisions of your severance package, such as:
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- Non-compete – Your employer may require you to sign a non-compete clause, limiting your future employment opportunities. We may be able to negotiate the terms of a non-compete to broaden your chances of finding new employment.
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- A New Jersey employment lawyer may be able to help you get a larger payout or a payout for unused vacation or sick days.
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- Terms of your payout – Hiring an attorney might also allow you to alter the way you receive your severance pay, for example, obtaining a lump sum as opposed to multiple payments over time.
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- Job reference – Our legal team can persuade your employer to give you a positive or neutral job reference or letter of recommendation.
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- Right to sue – Your company may have limited your right to bring forth a lawsuit, which can impact your legal rights. We can make certain your rights remain intact.
Each severance package is different, so our attorneys take an individual approach to each situation we encounter.
Severance and initial employment contracts
Sometimes, you may have signed an employment contract when you started your job, which stipulated certain conditions. One of those terms may be that you must be given a severance package if terminated. Again, before you sign an initial employment contract, be sure to have an attorney review its conditions. If you signed a contract at the beginning of your employment, which stipulates you are to receive severance at the end of your tenure with the company, and your company refuses to honor that agreement, you may have grounds for legal action.
Contact us today
When your employer tries to deny you the compensation and benefits you deserve, turn to Aiello, Harris, Abate Law Group PC for help. Our employment law attorneys are ready to review your case at no cost or obligation.
Call us today at (908) 561-5577 or contact us. Your initial consultation will take place over the phone, and you can schedule an appointment at one of our office locations across New Jersey.
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