As companies continue to lay off workers, here's another reason for people to worry about joining the ranks of the unemployed: They may find a smaller severance package than they expect.

The unemployment rate fell to 9.4% last month, but 247,000 jobs were still lost in that period. And the more people laid off by companies, the larger the chunk of change being paid out in the form of severance pay, continued health benefits, retraining and other services. So companies are beginning to put such payments under the microscope.

...