Employers generally are not required by law to offer severance pay, but many are motivated to do so – in an effort to protect themselves from legal liability and lawsuits. If you have been let go, fired, or laid off, your severance benefits can play a critical financial role in your future, which makes working closely with an experienced severance benefits attorney in Oak Park in your best interest.
In Illinois, your employer is not required to offer you severance benefits upon laying you off, firing you, or otherwise letting you go, except under the following circumstances:
Employers generally offer severance packages in exchange for recipients relinquishing certain rights. As an employee, you’re likely to receive a monetary amount that typically equals about 1 to 4 weeks’ pay per year of employment, and that may include other benefits. In exchange, you will likely be under contractual obligation to give up rights such as the following:
If you believe you have a claim against your employer, accepting a severance agreement can leave you with no legal recourse.
While your severance package is intended to limit your rights in exchange for the benefits provided, there are legal restrictions in place. Your employer cannot legally require you to relinquish any of the following:
Further, your employer cannot use undue influence, cannot threaten to the point of causing duress, and cannot engage in fraud in the company’s efforts to push its severance package through.
Because protecting your rights – and your right to legal recourse – is critical, you shouldn’t accept severance benefits until you’ve carefully considered all the implications and legal ramifications for you (in your unique situation). The severance benefits attorneys at Bartolic Law in Oak Park are here to help, so please don’t wait to contact us for more information today.