Having been let go from your job can take an emotional toll. You have to figure out how to make your ends meet until you find a new job. When you have been fired from your job, the company owes you something known as termination pay. This termination pay is dependent on several factors. Some employees are also entitled to Severance pay along with termination pay. This severance pay works as a stepping stone till you can find a new job and start again. It can be beneficial during this difficult time. Hiring a lawyer can help you get the severance pay that you deserve.
Are you entitled to severance pay?
Not all employees are entitled to severance pay. Those who have worked for the employer for five or more years might be entitled. This also includes the time which has been spent by the employee in the employment with the employer, irrespective of continuous or not and active or not. But not all employers are required to pay severance pay. The employer should have a payroll in Ontario of at least $ 2.5 million or severed 50 or more employees in six months because all or part of the business has permanently closed down. The severance pay package or severance package or a severance includes both termination pay and severance. The severance is related to how long you have worked for the company.
Can the severance package be negotiated?
The severance package can be negotiated. Before you negotiate, you must understand the options available and focus on what matters. It is best to reach out to a law firm like HTW Law who will help you in the negotiating process in such a situation. During the negotiation, you must consider how long you were working in the organization and the positions you had occupied. Also, point out how difficult it can be to obtain alternate employment and what your contributions have been to the organization.
While you are negotiating, you should always pay attention to the three P’s: power, personality, and politics. Talk to the right people like those who have been your mentors and allies. Along with that, quantify your contributions and describe why the package is inadequate while pointing out the contributions that you have made. You should also discuss your situation and how the termination will impact you financially.
What can be negotiated?
Money is the first and the essential thing that you negotiate. It should be tied to how long you have worked for the employer. Apart from that, you can also negotiate how you want to be paid. You can request to be paid in installments so that you are paid regularly while you look for your next job. You can also request a lump sump. While you are negotiating, you can also include a clause that stipulates how the employer will describe the period of employment if asked for references. They will give you a well-written reference letter.