Severance Pay in Kentucky
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Our office will schedule a date and time for the meeting (either in person, Zoom or by phone). All meetings can be scheduled within 24 hours.
Our severance package lawyer will conduct a thorough review of the agreement before discussing it carefully with you and answering your questions.
Our attorneys will send you a detailed email regarding any changes, revisions, or other items that need addressing with your previous employer. You will then have the option to negotiate with your employer directly on your behalf to retain us to negotiate for you to try to improve the terms and amount of severance pay.
Severance Packages in Kentucky
n the state of Kentucky, employment laws do not require employers to provide their workers with a severance package upon termination. However, many companies still offer severance packages in order to protect themselves as they part ways with former staff. While this can be beneficial for an employee who has just been let go, more often than not, the employer wants something specific in return for the severance pay.
Importantly, a severance package will dictate everything about the terms of a given termination including the amount of severance pay, the status of health benefits, and even whether or not you can continue to work in that industry in the near future. Known as a non-compete clause, this kind of stipulation allows your company to restrict you from working in a similar business for a certain amount of time in a given region.
When it comes to severance pay in Kentucky, the amount varies from company to company and will depend on the length of time you spent in your role, your salary during your time of employment, and the size of the company you worked for. It is important to note that the money an employee receives through severance pay is taxable by the state government and federal government, according to Kentucky’s employment laws.
To ensure you receive the best severance package possible with fair severance pay and without clauses that limit your ability to work in the future, it is best you consult a severance lawyer in Kentucky prior to signing. They can help you understand all the terms of your severance agreement and will work with you to protect your best interests so you can turn the page on this chapter of your life with confidence.
Your Rights in Kentucky
You may feel pressure to sign an agreement right away, but you don’t have to. The employment laws in Kentucky grant former employees the right to negotiate their severance packages for higher pay, continued health benefits, the removal of non-compete clauses, and more. You are by no means required to accept the first severance package that is offered to you!
It is also important to note that, in the state of Kentucky, receiving severance pay does not disqualify a state resident from receiving unemployment pay or unemployment benefits. In other words, it does not affect your unemployment benefits to ask for more severance pay.
Losing a job you’ve dedicated years to can leave you feeling stressed and uncertain about the future, but you do not have to navigate this experience alone. Severance Lawyers can help you navigate the employment laws in Kentucky so you can negotiate a more beneficial severance package that will give you security and peace of mind.
Who We Are
Severance Lawyers is a network of attorneys that has been helping clients across the United States for more than 13 years. Our success can be seen in both our impeccable track record with our clients and the long list of accolades we have received from our peers.
Our attorneys are specialists in Kentucky’s employment laws. They have successfully reviewed and negotiated thousands of employment packages and severance agreements to better the lives of our clients, and they can do the same for you. Contact us at (800) 466-5015 to schedule a consultation.
Schedule a consultation by calling (800) 466-5015.
- Al W.
This law firm helped me achieve the results that I needed. Would recommend Paul to anyone that feels as though they have been wronged and need legal guidance and assistance.
- Wendy G.
My experience with Severance Lawyers was excellent. They gave my case all the time and attention that was needed to be successful. They were a calming and confident presence during a difficult and uncertain time for me. Their guidance was outstanding at all times, prompt, professional, timely and open for calls and quick updates. They invested the time to work through all of my questions and issues. I can’t thank them enough and would hire them again.
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Tom and his staff understand the law very well. They are quick to return calls, take the initiative, and explain things in a way I can understand. From start to finish Tom was there to help me out every step of the way with our case. I am glad to have Tom and his team on my side. I simply cannot thank them enough!
- Tucker W.
I found myself in a challenging & stressful situation that required legal representation and their attorney Paul Castronovo handled it beyond my expectations. Paul is incredibly experienced/knowledgeable and I just felt like I was in good hands the entire time. Paul has a calming demeanor too–which is helpful in these stressful situations. Paul helped turn my lemons into lemonade.
- Sweta M.
Tom McKinney’s prompt attention, articulate and comprehensive advice addressed my Employment Agreement related issue. His confidence shined through instilling the confidence in me and peace of mind having him by my side. If you’re dealing with the proverbial ‘blood sucking’ company, look no further than Tom’s voice of reason.
- Austin S.
Going to Tom and his team for my case was the best decision I made. He was professional and knowledgeable in employment law. He helped me reach a resolution and I could not recommend him enough for anyone else out there.
- Sean C.
Tom McKinney is one of the best attorneys that I know…whether to negotiate on your behalf or reviewing your agreement to make sure you are getting maximum value for your compensation. From stock options to deferred compensation. I have referred him to friends in NJ and NY.
- Joe K.
I had Tom review my severance agreement. He provided a lot of valuable insight. I was able to go back to my employer with various points and double my package. Tom was prudent in having me use his services (told me to go back to my employer before fully engaging him) and I did not overpay when not needed. Other lawyers could have easily taken advantage of my situation and over-lawyered the situation.
How long do I have to sign the severance documents?
When companies terminate employees and provide a severance package, the goal of the severance is to benefit both the company and the employee. Therefore, the employee has time to review the agreement. Review timelines depend on employee age and the number of people terminated simultaneously.
- Employees under the age of 40 – No set time frame, but it must be reasonable and ample enough to review and understand the components.
- Employees over the age of 40 – 21 days to review and sign and 7 days to reconsider and revoke your signature.
- Multiple terminations at once – 45 days to review and sign and 7 days to reconsider and revoke your signature.
How is severance pay calculated?
Several factors go into severance pay amounts. Employees in higher management positions may receive additional benefits like longer pay terms, office equipment, or medical benefits.
Typical payouts can last up to 26 weeks and go by the following calculations:
- Hourly Employees: Number of years with company X 1 week of regular pay = Severance Pay $ Total
- Salaried Employees: Number of years with company X 2 weeks of regular pay = Severance Pay $ Total
Am I entitled to severance pay?
No, most companies provide a severance agreement when they lay off or fire an employee. Offering a severance package is entirely optional for the company. Most companies only do it to protect themselves from future lawsuits, the employee going to a competitor company, or adverse claims from the employee. The company takes multiple factors into account when preparing the packages.