severance pay
Your severance package is separate from your retrenchment benefit (retirement fund benefits) and includes the one week’s pay for every year worked and all other monies owing by your employer as a consequence of your employment. From a tax perspective,
Most companies have taken a hit as a result of the coronavirus pandemic and national lockdown. Retrenchments are on the rise and unemployment is endemic. While your retrenchment may be upsetting, avoid taking it personally.
