Exec MBA Search Exec. Execs got one week's salary for every year at the company, which would put your exec under six months. Most companies don't grant extensions or have any formal procedure by which employees can appeal their severance.
Payments continue, though, even if an employee finds work within the severance period.
Most employers provide both medical benefits for a specified period and outplacement services. Lee Hecht Harrison has ranked industries based on the generosity of their severances. Clearly, one consideration for employers in determining the benefit's size is the reason for your exit, notes Paula Todd, a principal with consulting firm Towers Perrin. Higher severance is common when the company changes hands. If you don't have an employment contract spelling out your severance in your current job, try hard to get one next time.