My Bank being bought out. I am receiving a severance package. Will I still qualify for unemployment?

Q) I work at a bank they are being bought out. I am receiving a severance package. Will I still qualify for unemployment?

A) Whether or not you can receive unemployment benefits after being laid off while receiving a severance package depends on a number of factors, including the reason for your layoff, your state’s unemployment laws, and your individual work history.

In general, you may be eligible for unemployment benefits if you were laid off for reasons that were not your fault, such as a company closure or a reduction in force. You may also be eligible if you were laid off for misconduct that was not serious, such as a single instance of tardiness or a minor mistake.

However, if you were laid off for misconduct that was serious, such as theft or violence, you may not be eligible for unemployment benefits. You may also not be eligible if you were laid off for reasons that were your fault, such as poor performance or absenteeism.

To find out if you are eligible for unemployment benefits, you should contact your state’s unemployment office. They will be able to review your individual circumstances and determine if you are eligible for benefits.

Here are some additional things to keep in mind about unemployment benefits:

• The amount of benefits you receive will vary depending on your state’s unemployment laws and your individual work history.
• You may be required to meet certain requirements in order to receive benefits, such as actively seeking employment.
• You may be required to pay back some or all of your benefits if you are later found to have been ineligible for them.

If you are laid off from your job, it is important to understand your rights and options. You should contact your state’s unemployment office to find out if you are eligible for benefits and to learn more about the requirements for receiving benefits.

Here is some additional information about severance pay and unemployment benefits:

Generally severance pay may impact your unemployment benefits depending on how it is paid and your state laws. For example, receiving severance pay does not impact your benefits in California. In Texas, severance will not stop receipt of unemployment benefits, but payments will be delayed until the payment’s period of coverage has expired. Unemployed workers in Florida are not entitled to unemployment compensation for any week that the severance pay is equal to or greater than the weekly benefit. If severance is lower than unemployment, you would be paid the difference. In New York, if you continue to receive the exact same benefits you received while working until you find a new job you would not be eligible for unemployment. It is important that you get information on your state laws regarding how your state views Severance pay while getting unemployment benefits.