Less than one-third of HR professionals reported that their company has a written severance pay policy, according to a recent Compensation.BLR.com poll.
Nearly one in five of U.S. companies do not provide severance pay for non-executive employees. This was among the findings of a new study of employer practices regarding severance pay.
Employees let go today are likely to get less severance pay than they would have in 2001, but their prospects are still better than they were in 1998, according to a new survey.
Bank of America is asking 70 laid-off employees to repay part of their severance
pay after the company said an audit revealed it overpaid them, the Boston Globe
reports.
An economics and law professor at the University of Southern California has
testified that the compensation package Disney Co. gave to former president
Michael Ovitz was "unreasonable" and one of the most generous ever
awarded to an executive below the level of chief executive officer, the Associated
Press reports.
One in four companies lack executive severance policies, and of those that
do have them, only half formally define the conditions, events, and terms for
payment, according to survey results released by an HR consulting firm.
After weeks of criticism over his $140 million pay and benefits package, New York Stock Exchange Chairman Richard Grasso was forced to resign Wednesday night.
Reacting to the unstable economy, more would-be employees are negotiating severance packages as a condition for accepting job offers, according to USA Today.
