When you and your California employer part ways, you may get a severance package. This usually includes severance pay. The idea here is to help you out financially until you can secure new employment. There is no law regarding how much your employer must pay you in your severance package. What your employer pays you as part of the package is between you and the employer.
Forbes explains that your employer may make an initial offer and give you the chance to negotiate a settlement that you both agree upon. Due to age discrimination laws, if you are over the age of 40, there are specific rules about negotiation times. Your employer must allow you to take 21 days to consider the offer. Your employer then has seven days to revoke the offer once you sign it.
The key is that you need to negotiate to get the best deal. You do not have to take the first offer. Keep in mind that your right to a severance package likely comes from your employment contract, so make sure to read that for further details.
As you work out your severance pay, note that it often depends on how long you have been with the company. Your title or position will also play a role as will your current pay rate or salary.
In addition to the actual money paid to you, you also need to find out about benefits. Make sure to get these in your package and not as part of your pay it. This includes vacation time, bonuses and paid time off. This information is for education and is not legal advice.