With layoffs in the U.S. surging (in July, they reached their highest level since the early months of the pandemic), you might be wondering if you’d receive severance pay if it happened to you. If you do get laid off, that ideally wouldn’t be the first time you think about severance; you want to go into any negotiation about pay already armed with some basic facts.

Below, we’ve rounded up and answered some common questions about severance pay and how to get it.

What is severance pay?

If you’re laid off or fired, your employer may offer you money, either in a lump sum or in a series of payments, so that your income doesn’t disappear overnight. That’s severance pay. (Sometimes, these agreements also include continuing your health-care benefits for a specific period of time.)

Why do c

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