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What Is Severance Pay?
Severance pay is compensation that you receive when you are released from employment. You almost never receive severance pay if you are fired for poor job performance. Packages are determined by your contract. Generally, you receive one to two weeks of pay for every year you were employed. Toplevel employees may receive a month's pay for every year with their company. Most severance packages also include benefits like health insurance and possibly help with finding a new job.