New York City Employment Law: Severance Agreement Attorneys

Losing your job is the last thing anyone expects to happen. It would have been a surprise to meet with HR and receive a severance agreement to review. The agreement should come with a list of the terms and benefits your employer is offering you. But now, as you try to navigate your future, following the fine print is too complex to handle.

The attorneys of Brown Kwon & Lam can walk you through the severance agreement process to ensure you receive the package you deserve.

Understanding Severance Agreements in New York City

In essence, a severance agreement is a legally binding document that covers the rights and responsibilities of the employee and employer in the event of termination or layoffs. This can include pay, insurance, etc. In some severance agreements, a non-compete and non-disclosure will be included as part of the total employment agreement.

The agreement ensures that the employee understands two things:

• The terms in which they’re being let go.
• What benefits they will receive.

However, this isn’t to help employees necessarily. Many companies use severance agreements to make sure a former employee does not file a lawsuit against the company for wrongful termination.

Once they sign the document, the employee knows that they will receive severance pay. This acts as the incentive for the employee to sign the contract in the first place.

Key Components of Severance Agreements in NYC

While no severance agreements are the same, there are basic elements of a New York City severance agreement employees should be mindful of. These include:

• Severance Pay: Under Federal, New York State, and New York City laws, employers are not required to provide severance pay. However, companies often do to ensure you will not pursue legal action or disclose any company information.
• Medical Benefits: Under The Consolidated Omnibus Budget Reconciliation Act of 1995 (COBRA), employees are entitled to continued health insurance coverage for up to 18 months after termination.

While these are the financial benefits you may be most interested in, there are other factors to include. They are:

• Time: When presented with a severance package, you must be allotted time to review the terms and conditions of the agreement. Anyone over the age of 40 has 21 days to consider, and 7 days to rescind the offer. Only you as the employee can waive the 21 day consideration period.
• Limitations: If a severance agreement bars you from taking action with the Equal Employment Opportunity Commission, uses complex jargon intended to make you miss the fine details, or stops you from filing a discrimination case, you need to review the contract with an attorney and discuss your options.

Understanding Your Rights: The Importance of Employment Law Education

In today's complex work environment, being informed about your rights as an employee is essential. At Brown Kwon & Lam, we believe that knowledge is power. Understanding employment law can help you navigate workplace challenges, negotiate better severance agreements, and protect yourself from potential legal issues.

Here are some key reasons why educating yourself on employment law is beneficial:

• Empowerment: Knowing your rights allows you to advocate for yourself effectively.
• Prevention: Awareness of employment laws can help you recognize and address potential issues before they escalate.
• Informed Decisions: Understanding the legal landscape enables you to make better choices regarding your career and employment agreements.
• Negotiation Skills: Being knowledgeable about severance agreements and other employment laws enhances your ability to negotiate favorable terms.
• Access to Resources: We provide resources and consultations to help you stay informed and prepared.

At Brown Kwon & Lam, we are committed to providing you with the information and support you need to navigate your employment journey confidently. Contact us today to learn more about your rights and how we can assist you in understanding the complexities of employment law in New York City.

Why Hiring a New York City Severance Agreement Attorney is Crucial

Finding out you’re losing your job can be stressful and emotionally draining. But just because your heart and mind may be in a bad place does not mean you should waive your rights. You shouldn’t let your employer dismiss you without proper compensation.

Ensure Your Rights and Compensation Are Protected

If you receive a severance package, you need the experience of an NYC employee rights attorney. We can review the terms of the agreement and ensure no one is infringing on your rights.

 Contact the New York employment attorneys of Brown Kwon & Lam today and for more information about New York employment contract disputes, visit our website.