HRM 530 Week Four Assignment

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Strayer University, Washington *

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530

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Business

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Feb 20, 2024

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4

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Strayer University Week Four Assignment Learning Activity: Creating a Severance Package HRM 530 Strategic Human Resource Management Professor Obioma Iwuanyanwu January 13, 2024 1
Disbursement of Compensation Payment Date Pay (# of Years Employed) Payment Amount February 2, 2024 1 Year ($4,000) $4,000 March 2, 2024 2 Years ($4,000) $4,000 April 2, 2024 3 Years ($4,000) $4,000 May 2, 2024 4 Years ($4,000) $4,000 June 2, 2024 5 Years ($4,000) $4,000 The employee has worked for the company for five years. Total severance pays: $4,000 multiplied by five years of work is $20,000. Severance pays payroll taxes and income-tax withholding since the IRS treats it like any other regular wage. Severance Package “Agreement” I. This Severance Agreement is between ("Employee") and ("Employer") with the position title of Human Resource Manager. II. The employee's final day of employment will be on January 12, 2024. III. The next planned payroll date will see the payment of the final paycheck, which will include all wages, salaries, and commissions earned up until the termination date. It is important to note that, unless otherwise specifically stated in this Agreement, you understand and agree that you are not entitled to any compensation whatsoever, other than your final paycheck. IV. As part of the agreement between the Employer and the Employee, the Employer has agreed to pay the Employee $20,000.00 as a severance payment. This amount is equivalent to the Employee's pay for 20 weeks of work. V. Agreement to Release Liability. The Employee affirms that they have not initiated or participated in any legal actions, grievances, or allegations against the company. Additionally, the Employee agrees to relinquish any claims or requests arising from their employment with or separation from the company, including its parent entities, subsidiaries, affiliates, partnerships, corporations, agents, and personnel. VI. Acknowledgment: By signing this document, the employee attests to having received the agreement, read it carefully, and asked questions as necessary. The worker certifies that they were given at least 21 days to think about and review the contract. It is significant to remember that the employee may revoke their signature within seven days after the date of signing. For the revocation to be effective, the worker needs to give notice to the employer by 5:00 p.m. on the seventh day after the date of signing. VII. Confidentiality of Business Information. Before commencing work with the company, the Employee shall sign a Non-Disclosure Agreement (NDA) and commit to maintaining confidentiality of all business-related information. This encompasses trade secrets, 2
proprietary information, intellectual property, and financial data that may have been disclosed to the Employee. The Employee agrees to respect the confidentiality of such information and not to disclose it to any unauthorized parties. VIII. The Employee shall promptly restore all property belonging to the Employer. This includes a broad variety of goods, including files, written materials, notes, documents, computer programs, office supplies, and any other goods that the employee has produced or given to the employer for use by the employer, which includes its partners, corporations, clients, parents, subsidiaries, affiliates, and employees. IX. Review and Revocation Notice. The Employee hereby acknowledges and comprehends that they have a 21-day window from the date of receiving this Agreement to carefully review, contemplate, and seek legal counsel regarding the provisions herein. By signing this Agreement, you are affirming that you have fully comprehended and accepted the terms contained herein, of your own volition. X. This agreement is devoid of any admission or partiality. Neither you nor the Company shall be deemed to acknowledge any liability, wrongdoing, or violation of law. By the Company's guidelines, should a reference be requested, the Company will solely disclose the Employee's job title and duration of employment. XI. The company consents to not challenge the worker's unemployment benefits but will reveal the severance payout upon request from the unemployment office. XII. All provisions contained within this Agreement collectively form the complete and exclusive understanding between the Employee and the Employer. No other statements, implications, or understandings, whether written or oral, have been made. Any modifications to the terms of this Agreement require written consent and approval from the Employer. XIII. The remaining terms of this Agreement will still be enforceable and effective even if one or more of its provisions is found to be invalid. XIV. "Governing Law: This agreement shall be governed by the laws of the State of [insert state name here]." I certify that I have carefully read, understood, and voluntarily entered this contract. In addition, I understand that by signing below, I agree to release the company from any claims that are lawfully released in exchange for the advantages this agreement offers me. By: ____________________________ Date: _____________________ Employee Name By: ____________________________ Date: _____________________ Employer Name 3
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Reference Page: 1. Greg L Stewart. June 18, 2019. Human Resource Management. ISBN: 9781119492986. 2. Umut Riza Ozkan.   May   08,   2019.   Mandatory occupational welfare: Severance Pay as an Unemployment Compensation. https://onlinelibrary.wiley.com/doi/abs/10.1111/spol.12504 4

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