The new law would require that workers at all companies employing 50 or more people to pay workers at least a week's wages for every year of work. (Photo: Bloomberg)
Phil Murphy, governor of New Jersey, is expected to sign a bill just passed by the New Jersey legislature that would guarantee severance pay to employees in mass layoffs.
The Nation reports that the measure is a response to two years of employer bankruptcies that resulted in the termination of thousands of workers. Fifteen hundred Toys "R" Us workers in New Jersey were cut adrift in 2017 with no severance; employees at Payless Shoe Source and Sears were likewise left without a financial lifeline.
Related: Severance benefits on the rise
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
