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I’ve worked for a company for almost 25 years that has been acquired by another company and have been advised I will be terminated after a 3 month transition period. The new company said there will be some severance but I’d like to know how much I should expect. Is there a minimum in this situation.
Thank you for your question. My name is Jon Pinkus and I am a Partner with Samfiru Tumarkin LLP.
If you are working for a provincially regulated company in Ontario with a payroll of over $2.5 million, the minimum would be about 25 weeks of severance pay on top of your 3-month working notice period. The maximum entitlement, however, could be as much as 24 months' pay (less the working notice provided, i.e., as much as 21 months' additional pay), depending on your position, age, compensation rate, and prospects for re-employment. It may also be impacted by an employment agreement you have signed.
Once you have a copy of your termination letter, please send it to jon.pinkus@stlawyers.ca and I would be happy to discuss it with you.
If you are working for a provincially regulated company in Ontario with a payroll of over $2.5 million, the minimum would be about 25 weeks of severance pay on top of your 3-month working notice period. The maximum entitlement, however, could be as much as 24 months' pay (less the working notice provided, i.e., as much as 21 months' additional pay), depending on your position, age, compensation rate, and prospects for re-employment. It may also be impacted by an employment agreement you have signed.
Once you have a copy of your termination letter, please send it to jon.pinkus@stlawyers.ca and I would be happy to discuss it with you.