The good news is that you may be entitled to unemployment benefits even if you're getting severance. But the specific rules around that vary from state to state.
from your employer? Will that prevent you from being able to collect those benefits?
The good news is that you may be entitled to unemployment benefits even if you're getting severance. But the specific rules around that vary from state to state.First, let's be clear: Employers are not required to offer severance pay to terminated employees, but many do so as a gesture of goodwill, or to protect their own interests. Usually, when you sign a severance agreement, the payment you're entitled to hinges on specific terms.
Severance is often paid as a lump sum, though it can be paid out in installments as well. With a lump sum payment, you may be entitled to unemployment benefits after you've received that money. Severance that's paid in installments, however, could compromise your ability to collect those benefits since you're still receiving a steady stream of income.
Keep in mind, though, that if you're getting what's known as continuation pay, you may not be able to receive unemployment. Continuation pay represents wages being paid to you through a certain date, during which time you're not actually required to do your job. For example, your employer might lay you off on June 1 and provide continuation pay until June 30, all the while telling you you're not required to do any work in June.
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