What Is a Notice Period?
A notice period is the length of time an employee or employer must give before ending an employment relationship. It may be set by the employment contract, company policy, or law. In the US, at-will employment usually has no legal requirement, though two weeks is a common courtesy; many other countries specify minimum notice by law.
Garden Leave and Pay in Lieu
Some employers pay the notice period instead of having the employee work it, or ask the employee to stay home while still employed.
Final Pay
Unused paid time off may or may not be paid out depending on local law and policy.
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🔗 Related Terms
More Income & Work Terms
- Billable Hours
- Billable Utilization Rate
- Bonus
- Business Overhead
- Commission
- Cost-of-Living Adjustment (COLA)
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Last updated: September 29, 2026. This definition is for general educational purposes only. It is not financial, investment, tax, legal, or medical advice, and it does not recommend any product or course of action. For decisions about your own situation, consult a qualified professional.