Generally speaking, your employer is only required to pay you wages owed for time worked and vacation time you have accrued, but not severance. This is typically only paid when an employee has contracted for it with an employer in advance, either individually or through a union agreement or company policy. However, there are some situations where, by law, your employer must provide some sort of compensation in the event of a termination, such as one resulting from a reduction in force that takes place over a short period of time.