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The purpose of this rather exceptional way of taxation is to temper the impact of the progressive income tax rates. Based on the case law of the Belgian Supreme Court, the relevant year was the last previous year in which the taxpayer had worked during 12 months. However, in practice, this was sometimes difficult to apply, especially if the taxpayer had not been working for 12 months during a previous year.

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Even with this recent change in the tax law, one can say that not all uncertainties which previously existed under the old rule of law are solved. Indeed, further practical difficulties will arise from time to time. In some cases there will strictly speaking not be a particular reference year, notably when the taxpayer has not had taxable income during 12 full months.

Severance package

The parties agree to waive any rights to a jury trial or a bench trial in connection with the resolution of any dispute under this Agreement although both may seek interim emergency relief from a court to prevent irreparable harm pending the conclusion of any arbitration. Any dispute or claim concerning the scope or enforceability of the arbitrations provisions of this Section shall be determined exclusively by an arbitrator pursuant to the procedures set forth above.

As part of the exit package, the employee may consider asking the company to let the employee keep personal property owned by the company but used by the employee, such as laptop or cellphone. If the employee is going to keep a laptop, desktop, iPad, or cellphone, make sure the company wipes clean any company proprietary data. Employers generally want the terms of a severance package to be kept confidential, especially where the employee receives special consideration.

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The severance agreement will also likely acknowledge that any Confidentiality and Invention Assignment Agreement previously signed by the employee will continue in full force and effect. Sometimes it is desirable for both the company and the terminated employee to enter into a transitional consulting relationship after termination of the employment.

What is severance pay?

The key terms of such transitional agreements include:. The employee should attempt to limit the scope of the cooperation clause in the following manner:.

Richard D. His focus is on investing in Internet and digital media companies, and he was the founder of several Internet companies.


Why an Employer Might Want to Provide Severance Pay

This article was originally published on AllBusiness. Here are some common requests by employees in connection with severance agreements:. Such outplacement firms can help you find a new job or position you for a career change. This release language will be quite long, and attempt to cover any and all liabilities, complaints, promises, causes of actions, in law or in equity, against the company and its officers, directors, shareholders, employees, subsidiaries, parent companies, affiliates, successors, and assigns.

Guide to Severance Pay

The release will often set forth a number of specific potential claims released, including claims related to age discrimination, discrimination based on disability, violations of civil rights laws, violations of the Family and Medical Leave Act, claims for wrongful termination, and anything else.

The goal of the company is to be absolved of any potential liability to the employee. This would normally be subject to a limited time period six months to a year and should not apply to general solicitations of employment not specifically directed to employees with whom the employee did not work. This is obviously problematic for the employee, and must be narrowly drafted or there should be adequate compensation for the non-compete. But when you offer severance benefits, it lets all your employees know that, even if the worst happens, you have some level of regard for them and will not leave them high and dry.

It's also a good advertisement for anyone who may be thinking of joining your company.

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  7. Severance pay doesn't have to come in dollar denominations. Sometimes, other benefits may be worth more to a former employee. You may be able to provide paid outplacement counseling or training for a new skill.

    In some cases, simply allowing the employee to keep a desk at your company for a month or two while he or she searches for a new job may be worth more than a sizable sum of money. Be creative in offering and negotiating severance pay. Entrepreneur Media, Inc. In order to understand how people use our site generally, and to create more valuable experiences for you, we may collect data about your use of this site both directly and through our partners.

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