Severance Pay Policy
Eligibility for Severance
To be eligible for severance you must have completed one year of continuous, regular employment at NYU at the time of layoff.
If you have passed your probationary period and are terminated from the University for any reason except poor job performance or misconduct, you are eligible to receive four weeks notice or pay in lieu of notice. If you have 10 or more years of service, you are eligible to receive a minimum of eight week’s notice (or pay in lieu of it) prior to lay off. If you have less than 10 years of service, you are eligible to receive a minimum of 4 weeks notice.
You are eligible to receive one full week of pay per completed year of service for the first 10 years of service. For all completed years of service beyond the 10, the formula is two full weeks of pay per year. The maximum is 52 weeks. You must sign an agreement and release satisfactory to the University to receive this pay.
No Severance Pay
Employee(s) are not entitled to severance pay if they leave the University under the following conditions:
- Voluntary Resignation
- Discharge for Cause
- Disability covered by Worker’s Compensation for NY State Disability Insurance
- In the event a University function or service is contracted, assigned or otherwise transferred to another entity and University employees in that function or service are offered employment by the other entity within thirty (30) days of contract, assignment or transfer, provided the employees receive substantially similar salary (compensation)