Layoffs are making headlines every few days, both in India and abroad. Around 2 lakh workers have been laid off worldwide in the technology sector alone, according to a media report. Several Indian tech companies and start-ups have also cut jobs in 2023. More cuts may follow. Employees who receive a severance package must deploy it judiciously.
Size depends on contract
Size depends on contract
Some corporates offer their employees a compensation at the time of separation. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, “It is not a matter of right but a matter of practice and is contractually determined.” Its size depends on the length of employment and the terms of the employment contract.
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