Severance Policy
Policy Owner: Human Resources / Payroll Date of Policy: ___
Policy Number: ___ Page No. 1 of 2 Date of Revisions: ___
I.
Scope of Policy
This policy applies to: (1) ___[Company Name] and its wholly-owned subsidiaries and affiliates; (2) any other entity or organization in which ___[Company Name] owns a direct or indirect equity interest of fifty percent (50%) or more; and (3) any organization or company in which ___[Company Name] or an affiliate either manages or controls the day-to-day operations of the organization or company (each a “___[Company Name] entity”), and all employees, contractors and temporary workers of any ___[Company Name] entity. All such references to ___ [Company Name] shall hereinafter be referred to as “Company.” II. Purpose
The purpose of this Policy is to: a) ensure the company’s compliance with any applicable collective bargaining agreement provisions related to severance; b) to provide severance pay appropriate to the tenure of the departing employee; and c) to communicate to staff Company’s basic severance procedures. III. Policy
It is the policy of Company that severance packages are equitable across the board for all employees.
IV.
Procedure 1. In order to promote this Policy, Company will establish r