Character mistake: When Elwood tells his boss he is going to quit, his boss tells him he will call payroll and have them get his severance pay ready. While employees who resign do have final pay prepared (pro-rated pay, vacation pay, time owed in lieu, etc.) it would never be classified as "severance pay" if the employee resigned on their own accord. Severance pay is classified for employees who are terminated without cause, meaning no fault of their own. (00:43:10)
Suggested correction: This isn't entirely accurate, only what is most common. First, severance pay is not required by law, nor is paying for accrued PTO, so it's at the discretion of employers who can offer it to whomever they wish. An employer may offer a severance package for termination (with or without cause), retirement, or resignation. Often a severance package comes with certain conditions, such as the employee won't seek unemployment or work for a competitor, or may simply be money paid for PTOs.
Suggested correction: This never happened in the movie, Elwood didn't have a job.