Company closing down and severence pay?

Question

I've only been there for 3 months. I've heard you have to be there for at least 6 months in order to receive severence pay. Is this true and since there has been rumors that we're going to close down next month, should I just quit and find something else?

Answer 1

You are at the mercy of the company. Whatever their policy is, is what you'll get.

Sad to say, but it looks like you will recieve nothing.

Start looking for a new job, and good luck.

Answer 2

The amount if any of severence pay is defined by the company paying it, unless there's some kind of contract that already defines it.

If the rumors seem pretty solid, would be a good idea to be looking around.