Section 172-2-12 - Severance PayA. Severance pay is considered remuneration for personal services, and as such, is defined as wages in accordance with subsection 19 of Section 1043 of the Employment Security Law.B. Contributions on severance pay, including payments made pursuant to Section 625-B of Title 26, shall be due on or before the last day of the month following the close of the calendar quarter in which the severance pay was paid to the individual. The contribution rate shall be based on the employer's experience rating record and determined from this reserve ratio in accordance with subsection 4 of Section 1221, of the Employment Security Law.C. The severance pay will be exempt from contributions if the remuneration paid to the individual, in the form of wages, during the same calendar year exceeded the amount of wages specified in paragraph A of subsection 19 of Section 1043 of the Employment Security Law.12- 172 C.M.R. ch. 2, § 12