It’s been reported in the news that the Coca-Cola Company is offering voluntary severance packages to certain workers. This is part of efforts recently announced concerning a global restructuring of the company’s business which will include job cuts. As with all situations like this, it’s the details that matter – the terms actually in any employee’s paperwork that controls, and not generalized news reports as to what any voluntary severance offers contain.
If you’re considering taking a severance package from Coca-Cola, or another employer, it may be wise to have your documents reviewed by a lawyer before you sign. In addition to making sure you understand the compensation terms, it is critical you understand any other important terms, such a whether you are subject to a covenant not to compete, covenant not to solicit employees or customers, as well as other contractual terms, including confidentiality provisions. Further, you want to make sure you understand what rights you may be waiving as well, as most severance agreements also include a release of claims by the employee as to the employer. Be sure you understand the full terms and conditions before you sign any binding paperwork.
If you need assistance in understanding the terms of any severance package offer you are considering, contact The Beck Law Firm, LLC today.
Photo by Dustin Tramel on Unsplash.