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Severance pay will not affect your eligibility for unemployment benefits and will not be deducted from those benefits. Even if the severance is payed in intervals, that does not affect the nature of the payment and, thus, will have no impact on your eligibility. You must, however, report to the EDD that you have received severance.
Here is a detailed article from the EDD discussing this issue: http://edd.ca.gov/UIBDG/Total_and_Partial_Unemployment_TPU_46035.htm
The short answer, though, is that a payment that is clearly made as "severance" has no impact on one's elibigility for UE benefits.
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