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I work for an independent insurance broker who is now in the midst of trying to sell his business. I am 72 years old and earn $56,000. I have worked for him for 28+ years. If he sells and I am not a part of the deal, would I be entitled to a severance? If he sells and asks me to go with him, but I choose to retire, would I be entitled to a severance? In either case, if a package is in order, what could I expect?
My name is David Vaughan and I am an employment lawyer with Samfiru Tumarkin. If your employer sells his business and the purchaser does not continue your employment, you would be entitled to severance pay (see the Severance Calculator for an estimate of your entitlements: https://www.severancepaycalculator.com/). On the other hand, if you are offered comparable employment with the purchaser, you would be entitled to only your minimum termination entitlements under the Employment Standards Act, 2000 (likely 8 weeks' termination pay; although it could be an additional 26 weeks of severance pay if your employer has a payroll of over $2.5 million annually).