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My employer is selling a portion of our company to a customer. The customer is offering new contracts that are similar pay and benefits, but much less severance. Current company is 3wk/year, new offer is 1 wk per year.
My Question: are severance terms considered part of the compensation package?
Since it is significantly less, can the new companies offer be considered "similar"? or does that difference mean the contracts are different?
We would have to review the details of the sale, and any notice you may have received from the previous company, regarding the sale and your re-employment. You would be governed by the new terms of employment including the severance pay obligations of the new company, if you agree to such. You should have all contracts reviewed by counsel before executing, please contact our office for a consultation.