There are no laws governing how much or what types of offers should be made to departing employees. Usually, an employer bases severance packages on the length of employment with the company. For instance, a company initiating a layoff of several employees might make a severance offer equal to one week’s pay for each year of employment with the firm.nSometimes, a severance agreement will involve benefits other than money. In many cases, an extension of benefits is offered in addition to or in the place of monetary compensation. Besides money, severance agreements may offer one or more of the following:nEmployer-provided health insurance coverage beyond the end of employment.nCoverage of specific future medical expenses.