Quick answer: severance = weeks of pay per year of service x years x weekly pay. With 2 weeks per year for 6.5 years on a 70,000 salary (1,346.15 a week), that is 13 weeks, 17,500.
Is severance required?
No federal law requires severance pay; it depends on your employer's plan, your contract or a negotiated agreement. Plans vary widely; many express severance as a number of weeks of pay per year of service.
Length of service drives most formulas; count it exactly with the years of service calculator.
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Questions
Is severance pay required by law?
No federal law requires it. It comes from an employer plan, contract or negotiated agreement. The WARN Act requires advance notice of some mass layoffs, not severance.
Is severance taxed?
Generally yes, as wages. This site has no tax tools.