What is the difference between Service Pay, Severance Pay and

severance pay  According to the Department of Labor , the Fair Labor Standards Act does not require employers to provide severance pay to employees  Workers must receive one month's pay for each year they have worked for the company However, in some circumstances, such as with generous pay

Statutory Cause · Statutory Payment · Wage · Payment in lieu of advance notice · Severance pay · Payment for unused annual leave · Compensation for According to the Department of Labor , the Fair Labor Standards Act does not require employers to provide severance pay to employees

It is a form of financial assistance provided to employees as they transition out of the company Severance pay is typically offered to You get the point by now: There's no set rule on this, and no law specifically sets how much severance is to be paid It all depends on