Severance Pay | HTW Law - Employment Lawyer
The amount of severance pay you are entitled to depends on several factors. Some employees are entitled to severance on top of termination pay. Common law severance is the default position unless the employment contract explicitly restrict the employee to Employment Standards Act statutory minimum with employee consent.
If you've been let go from your job, it can be scary to try to figure out how you're going to make ends meet. It's likely that you're entitled to termination pay. Termination pay is what a company owes an employee after they've been let go from their job. The amount of termination pay you are entitled to depends on several factors. Some employees are entitled to severance on top of termination pay.
In Ontario, an employee qualifies for severance if their employment is severed and they:
Have worked for the employer for five or more years (including all the time spent by the employee in employment with the employer, whether continuous or not and whether active or not)
and their employer:
has a payroll in Ontario of at least $2.5 million; or
severed the employment of 50 or more employees in a six-month period because all or part of the business permanently closed.
Many companies label a termination package including both termination pay and severance as a "severance pay package", a "severance package" or a "severance". Many severance pay packages are related to how long you've worked for the company. The longer you've worked for the company, the greater your severance package will be.
If you've been fired for cause, you may not be entitled to a severance package. If this is the case for you, it's important to talk to an employment lawyer who can fight for you to get the severance pay package you deserve. A vast majority of dismissal involving termination for cause are unjustifiable and some may even be illegal under employment law.
While severance pay certainly will not last you a lifetime, it's meant to be a helpful stepping stone in carrying you forward until you get started in a new career. Severance pay package can be a huge asset to your well being, and it's vital that you fight for what you deserve. At HTW Law Professional Corporation, we know what to do to get you the largest severance pay package possible. If you've been let go from your job, we're here to help. Reaching out to us today to talk with an employment lawyer about your case.