The prospect of involuntary termination is an ever-present concern for many employees in today’s economy. They deserve a clear understanding of the final pay and benefits they can expect in the event of dismissal, while employers should be aware of unemployment, termination, and severance pay practices. Mercer’s 2013 Severance Policies around the World report accompanies its Worldwide Benefit & Employment Guidelines, and tracks current information on severance policies and statutory practices in 64 countries, addressing legal requirements for individual and collective dismissals.
“Support for terminated workers varies around the world,” says JP Provost, a Mercer Senior Partner and US Leader of International Consulting. “Some locations are quite generous, while others don’t provide much of a safety net.”
For example, notes Provost, “Employers are not required by law to provide any severance pay in the US, while in other countries, a worker might receive up to a year of unemployment benefits.”
Find out what a terminated employee can expect in 10 major countries.
For more information about severance policies and practices, visit Mercer’s Severance Policies page or Mercer’s Worldwide Benefits & Employment Guidelines.
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<a href="http://mthink.mercer.com/gone-but-not-forgotten/"><img src="http://mthink.mercer.com/wp-content/uploads/2014/04/140423-Mercer-131-SeverancePolicies.png" alt="Gone, But Not Forgotten" title="Gone, But Not Forgotten" /></a><br /><a href="http://www.mercer.com/">Infographic by Mercer Insights</a>