You've worked for your employer for a long time and now you've been terminated. Your employer gives you a severance package and an agreement to sign. You are likely wondering whether to sign the agreement and accept the money and how this will affect your future. There are several things to consider:
- Deadlines - If you're over 40 and your employer is asking you to waive any age discrimination claims you may have, your employer must give you 21 days to consider any severance agreement (pursuant to the Older Workers Benefit Protection Act). If you're in a group of employees being laid off, your employer must give you 45 days and more information. Either way, you have 7 days to revoke the agreement after you sign it. If you're under 40, your employer can control how long you have to decide whether to accept the severance package. This can be just a few days - give us a call to see if we can help.
- New Obligations - Your employer may include a non-competition provision in a severance agreement. The law regarding non-competition agreements has recently changed in Georgia. Call us to determine your rights.
- Release of Claims - Your employer is undoubtedly asking you to release all claims in any severance agreement. The stronger your legal claims, the more leverage you may have to ask for more severance benefits. The severance agreement you've been asked to sign has been drafted by your employer's attorneys, who are looking out for your employer's best interest. Call us to help you put your best foot forward in your severance negotiations.