The new law would require thatworkers at all companies employing 50 or more people to pay workersat least a week's wages for every year of work. (Photo:Bloomberg)

Phil Murphy, governor of New Jersey, is expected to sign a billjust passed by the New Jersey legislature that would guaranteeseverance pay to employees in mass layoffs.

The Nation reports that the measure is a response to twoyears of employer bankruptcies that resulted in the termination ofthousands of workers. Fifteen hundred Toys "R" Us workers in New Jersey were cutadrift in 2017 with no severance; employees at Payless Shoe Sourceand Sears were likewise left without a financiallifeline.

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.