Severance Packages
If you are fired without cause, you are entitled to reasonable notice of your termination and/or pay in lieu of this notice. This pay is often referred to as severance.
If you are fired without cause, you are entitled to reasonable notice of your termination and/or pay in lieu of this notice. This pay is often referred to as severance.
Severance pay is a means of compensation for qualified employees who have been dismissed. Your severance entitlements will depend on a combination of factors including your contract, your age, the position you hold, your length of service and your employer’s payroll. While there are statutory minimums concerning severance, courts may determine an employee to be entitled to more based on their common law rights.
If your employer decides to terminate your employment without reasonable justification or notice, you will likely be presented with a severance agreement detailing your pay and benefit entitlements. These entitlements should at least match what you would have otherwise earned had you been given notice.
A good compensation package becomes increasingly important as you move up the ladder of responsibility and power. There are many things besides your salary that should be taken into account when negotiating severance package including bonuses, benefits, pension contributions, stock options, car allowance any other financial benefits you receive.
Do not sign your severance package without first consulting with an experienced employment lawyer. Even a seemingly generous severance package may fall short of your entitlements. It is, after all, in your employer’s best interest to save money.
With extensive experience both drafting and litigating severance packages, KCY at LAW can negotiate for you a fair package.
We have the experience and knowledge to review your severance agreement and ensure you receive the compensation you deserve.
You may be entitled to more than you think. Our expertise makes the difference. Call us today at 905-639-0999