Severance Pay in Richmond, Virginia | 2026 Calculator & Guide

Free Severance Pay Calculator

Estimate your severance package based on your salary, years of service, and industry

Virginia State Law Quick-Reference

No

Mandatory Severance

60 days

WARN Act Notice

27.8%

Est. Combined Withholding

Federal WARN Act requires 60 days notice for layoffs of 50+ employees at companies with 100+ employees. The combined tax rate includes the 22% federal supplemental wage rate and 5.8% Virginia state withholding (estimate).

Major Employers in Richmond

Bank of America

Employee-reported (SimpleSeverance, HelpFromHR, TheLayoff forum, Glassdoor): 2 weeks per year of service, minimum 4 weeks, capped at 52 weeks (1 year). Long-tenured (20+ years) reportedly receive 3 weeks per year capped at 78 weeks. BofA does NOT publish a public SEC-filed severance plan exhibit (unlike CVS). Treat these figures as employee-reported consensus, not company-confirmed.

Wells Fargo

Salary Continuation Pay Plan (employee-reported via fired.fyi + TheLayoff forum): 8 weeks minimum (under 3 years tenure), then 2 weeks per year of service, capped at 52 weeks. Includes a 60-day paid garden-leave period during which the employee is on payroll with active benefits and 401(k) match continues. Lump-sum or installments at employee election.

Deloitte

2 weeks per year of service (typical Big Four)

Top Industries in Richmond

Salary-Adjusted Severance Examples for Richmond

Based on the Richmond median salary of $55,000 ($1,058/week), with 27.8% combined tax withholding

Tenure	Low (1 wk/yr)	Typical (2 wk/yr)	High (3 wk/yr)
2 years	$2,115 $1,528 after tax	$4,231 $3,057 after tax	$6,346 $4,585 after tax
5 years	$5,288 $3,821 after tax	$10,577 $7,642 after tax	$15,865 $11,463 after tax
10 years	$10,577 $7,642 after tax	$21,154 $15,284 after tax	$31,731 $22,925 after tax

Cost of Living Context

95

Cost of Living Index
(National average = 100)

Your $10,577 typical severance (5 years tenure) goes 5% further in Richmond compared to the national average. The slightly lower cost of living works in your favor during a job transition.

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When a calculator estimate is not enough

Use your estimate as a starting point, not a final answer. Releases of claims, stock equity, short deadlines, and layoffs involving protected rights all need closer review.

Review Methodology Contact the Team

Richmond Severance Pay FAQ

How much severance pay is typical in Richmond?▼

In Richmond, Virginia, typical severance ranges from 1-3 weeks of pay per year of service. Based on the local median salary of $55,000, a worker with 5 years of tenure can expect between $5,288 and $15,865 in gross severance. However, actual amounts vary significantly by employer, industry, and seniority level.

How is severance taxed in Richmond, Virginia?▼

Severance pay in Richmond is taxed at a combined rate of 27.8%: the 22% federal supplemental wage rate plus 5.8% Virginia state income tax. On a $50,000 severance package, you would take home approximately $36,125 after withholding.

Where can I find a severance lawyer in Richmond?▼

A local attorney familiar with Virginia employment law can review your severance agreement, identify additional leverage, and negotiate better terms. Many employment attorneys in Richmond offer free initial consultations, so consider consulting a licensed employment attorney in your state.