In many situations, when an employer resigns from an employee, the employee is simply expected to clean their office and leave. However, in other scenarios, the company may want the employee to sign what is called a separation agreement, which is often the case for senior managers or executives. While this agreement can have many conditions that can have a considerable influence on the future of the former employee, too many people simply sign the agreement without fully understanding the impact. For example, an employee does not see how much a non-compete clause will affect their employment prospects in the near future or that a severance pay agreement waives their right to assert a right to discrimination or unlawful dismissal. If an employer wants an employee to agree to such conditions, they can be a lever to negotiate severance pay, benefit extensions, or other important terms that can improve their financial future while finding a new job. We look forward to assisting you in your termination agreement. A dismissed employee must immediately receive all wages earned (Nev. Rev. Stat.
§ 608.020). When an employee terminates or terminates his employment relationship, the wages and indemnities earned must be paid no later than the day on which the employee would have been duly paid or seven days after the dismissal, depending on the earlier date (Nev. Rev. Stat. § 608.020; 608.030). Waiting penalties may apply if the final salary is not paid on time (Nev. Rev. Stat.
§ 608.040, 608.050). Many separation agreements also do not contain important provisions for your protection. For example, many agreements do not describe how the company will handle referrals when potential employers call. Including such a clause can help protect you and help you know what to expect when looking for a new job. Sometimes parts of a severance pay agreement contain legal language that simply makes no sense to someone with little or no experience in labour law. For example, you wonder why your agreement gives you 21 days to sign your signature and 7 days to revoke your signature. Or maybe you`d like to better understand the specific claims you`d be renouncing by signifying the deal. If you guide a trusted and experienced lawyer through the entire agreement to declare any provision, you can have more security on what you sign.
In 1985, Congress tried to address the concern of people who lose their health insurance when they lose or are separated from their jobs. This year, Congress passed the Consolidated Omnibus Reconciliation Act (COBRA). Under this Act, a dismissed worker may continue his or her health insurance under his or her previous employer`s plan for up to eighteen (18) months after termination of employment. By law, the worker is responsible for paying the full premium for this coverage. The cost of COBRA coverage has long been the fall of jokes for people, but it offers a valuable benefit when needed. A reference to the waiver of rights to age discrimination, i.e. where a worker is over forty years of age (40), must give the worker twenty-one (21) days to review the severance pay, and the agreement must also give the worker seven (7) days during which he or she may revoke his or her agreement after the termination agreement has been signed. Another word of caution, depending on certain state laws, comes claims that cannot be dropped by an employee.
If you are asked to sign a separation agreement after your termination in or around Las Vegas, please do not hesitate to wait until you have consulted HKM Employment Attorneys to sign the agreement. Our lawyers regularly check and negotiate separation agreements, so please contact us as soon as possible if such an agreement has been requested in your case.