Many employers don’t offer employees the severance packages that they deserve. They offer them the severance package that they think they will accept, which in some cases can be worth significantly less money. Don’t become one of these statistics.
Severance packages can take on many different structures. Sometimes you can be forced to work through your severance package, which is known as “working notice”. Other times, you may be provided with salary and benefits continuation or your employer will offer you a single lump sum payment.
How will you know when your severance package is fair?
Do I need a lawyer to review my severance package?
The first step in determining whether you have received a fair severance offer is to identify what you are actually entitled to. This is often not clear. Many employees mistakenly believe that a rule of thumb applies, such as one month or one week per year of service. This is incorrect. Employees can be entitled to much more than this and it’s important to understand why.
In addition to the quantum of severance, there are many other factors that must be assessed. Is the structure of the severance package fair? Are the appropriate benefits being continued? Does your employer have the right to stop payment of severance if you find another job? And there is usually a form of a release associated with any severance package, meaning that once you take the severance and sign the release, you are prevented from bringing any further legal action against your employer. These are important documents that have a significant impact on your financial well being. Why leave your situation to chance? Get advice from an expert.
Why Whitten & Lublin Employment & Labour Lawyers
Reputations are not given, they’re earned. We have earned our reputation as the # 1 Most Recommended Employment Lawyers in the GTA through our hard work, expertise and dedication to our clients’ interests. Our lawyer will review your severance package and provide you with advice before you sign off on any termination document or severance package. We can ensure that the deal being offered to you is reasonable or fair, or, if not, we will take steps on your behalf to ensure you are offered a considerably improved package.
The next step
If you have received a severance package in any form you should meet with our lawyers before taking any other steps or trying to negotiate on your own as this may actually harm your claim for better terms. Call Whitten & Lublin Employment & Labour Lawyers and let us help you get the severance you deserve. Contact us today!