After 10 1/2 years of service what severance pay should I expect ?

Question

I've been a project manager for a commercial construction company and I have unique skills for odd jobs.
I was just told due to economic slow down I will probably be laid off
What should I expect ?

Answer 1

Companies aren't required to pay severance pay. But those who do often give 1 week pay for each year you worked, sometimes up to a limit of a certain number of weeks.

Good luck. Good project managers are in demand, so with a little luck you'll find another job quickly. And in any case, you should be able to get unemployment comp.

Answer 2

Moto,

I feel for you! My brother spent almost 12 years with a company and they just closed down! There he was in his 50's and looking for a job. Bad thing is, you have to ask yourself what will happen at the next company after 10 1/2 years? How many 10 1/2 years can any of us afford to give them?

It really makes me laugh when I hear people call MLM businesses a pyramid scheme when, in reality, it is the corporate business that is a pyramid. You only have 1 CEO of a company and nobody under him will be allowed to meet his salary. In my business, we can have unlimited people in top positions in the company. Which one is shaped more like the pyramid?

I spent many years devoting my life to making the boss rich! I finally decided it was time to get organized and get some financial security of my own and not have to worry about down-sizing, cut-backs and plain out stingy companies that want to let the workers starve!

I truly believe that these companies should be FORCED to pay some severence pay and a good chunk of it based on your years of service. It is not fair to devote all those years to someone and be thrown out like trash.

I wish you all the best with your future.
Feel free to contact me if you are sick of the ratrace.
Bonnie Ramsey

Answer 3

except nothing and hope for something
what if any it the company policy on termination after 10 years

Answer 4

Nothing. They might decide to give you something, but unless you have a contract saying otherwise, they do not have to do so.