I was laid off recently and will receive severance payments for several weeks. I also applying for unemployment benefits. I was told that severance payments should not affect my unemployment benefits. Is it true?
Answered on: 12/04/09, 6:41 pm by Jonathan Cohen
In my experience, severance payments which come in the form of a paystub that is taxed as income, will be treated by the NY employment insurance dept. as income, and will affect your unemployment benefits. you will have to report it as some form of income, because it is reported to the NY agencies when it is taxed.
Say your severance is paid to you as a lump sum that is not treated as income; then I think that you may treat it as non-income and do not bother mentioning this money to NY employment insurance.
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