What's Typically in a Severance Package

If you’re laid off from your job, you might be offered severance pay and other benefits. Here’s what to know before you sign this legal agreement.

A businesswoman sits on the steps of a building with a box of belongings next to her.
(Image credit: Getty Images)

Every day seems to bring news about more layoffs in corporate America. What’s more, most Americans are worried about layoffs (75%), and nearly 40% are concerned about losing their own job. With this in mind, let’s look at what’s typically included in a severance package.

What is a severance package?

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Will Ashworth
Contributing Writer, Kiplinger.com

Will has written professionally for investment and finance publications in both the U.S. and Canada since 2004. A native of Toronto, Canada, his sole objective is to help people become better and more informed investors. Fascinated by how companies make money, he's a keen student of business history. Married and now living in Halifax, Nova Scotia, he's also got an interest in equity and debt crowdfunding.