Although employers have been recently cutting payrolls, severance and change-in-control plans haven't been affected by the recession, finds a new study by WorldatWork and Innovative Compensation and Benefits Concepts LLC, an HR consulting firm.
Based on the Severance and Change-in-Control Practices 2011 study, many employers continue to retain a separate written severance plan for the CEO, key executives and the rest of the employees. Tenure, position, salary and employment agreement appear to be the most important factors in determining severance status.
Typically, one or two weeks' severance pay per year of service is offered, and many employers provide a level of benefits up to the maximum, the study finds. Despite the poor economy, 44 percent of respondents still fully or partially subsidize COBRA for the entire workforce.
Recommended For You
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
