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DAILY NEWS ANALYSIS

  • 06 August, 2020

  • 2 Min Read

What Is Severance Pay?

What Is Severance Pay?

  • Severance pay is the compensation and/or benefits an employer provides to an employee after employment is over. Severance packages may include extended benefits, such as health insurance and outplacement assistance to help an employee secure a new position.
  • It is given under Industrial Disputes Act,1947 if a worker is employed for a period of 248 days.
  • Employers offer packages to employees who are laid off, whose jobs are eliminated because of downsizing, or who retire. Some employees who resign or are fired may also receive a severance package.
  • Severance pay can be a goodwill gesture on the part of the employer and can provide the employee with a buffer between working and unemployment.

Source: TH/WEB


World bank logistic performance index 2023

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India-Thailand Relations

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Translocation of Elephants

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Global Buddhist Summit

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