Severance pay may be offered to employees upon termination of employment. When severance pay is offered, an employer may consider the length of an employee’s tenure or a variety of other factors. However, there is no requirement in the federal or Illinois wage law that requires an employer to offer a separated employee severance pay. Severance pay is a matter of agreement between an employer and an employee.
If you have been presented with a severance agreement, it is important to contact an attorney to discuss whether or not signing the agreement is the right decision for you. Schedule your severance review session with one of our experienced employment attorneys by calling 630.232.7450 or by clicking here.