New Jersey Severance Pay is different for every company. We have reviewed hundreds of severance agreements and a typical severance agreement offers Severance Pay between one and two weeks for each year of service. New Jersey Severance Pay in the past did not usually contain a cap or ceiling regarding the amount of severance pay that an employee could receive. We have noticed a growing trend that employers are capping the severance pay at 26 weeks or 52 weeks.
There is no guarantee to NJ Severance Pay and you are not entitled by law to severance pay unless it has been promised in an employment contract, employee handbook or another company policy. We may be able to argue that you are entitled to severance pay if the company has a practice of paying employees severance pay for an involuntary termination.
If you have any questions regarding you New Jersey Severance Pay, please contact us to discuss.