The Newly Unemployed Person's Guide To Severance Pay Ontario
When you have lost your job it can be a frightening experience
. Knowing you can receive severance pay Ontario can help to make some of the fears get less intense. Here is what you need to know about the payment and whether you think there is a chance that you will qualify.Knowing where to find basic resources can be essential when you are searching for this information. Because the Ministry of Labor deals with these circumstances they have a lot of information on the website that they maintain. It is worth checking out in order to find out whether you fall into this category.
An important thing that people need to realize is the fact that there is a large difference between severance pay and termination pay. When a person has had their employment severed it means that that employment is no longer available. An employer is required to give their employee a notice of termination. If that is not a possibility, termination pay must be paid out in its place.
Has the company you worked with gone bankrupt? If so there is the chance your employment will be considered to have been severed. As well, you might also fall under this designation if the period for which you were laid off is more than 35 weeks in any 52. There are other circumstances but these two are some of the most common which you may encounter.
Even if a person has had their employment severed (and not terminated) they may not always qualify for the pay. They need to have worked for that employer for five years or more and that employer must have a payroll amount that is over a specific amount (usually considered to be in the neighborhood of two and a half million dollars. Even if the company payroll is not that large if the employer has severed more than fifty employees in half a year then severance may be considered to have occurred.
You might need to know how to calculate the amount of money that will be paid to you if you do qualify. Your basic amount should be easy to figure out. What is the amount that would be paid to you for a regular work week? That amount will then be multiplied by the number of years you have been employed. It will also be modified by the number of months you worked in an incomplete year. That last number is divided by 12 in order to figure out what your modifier is.
You could end up being told that you do not qualify to receive this kind of money. If you are going to be receiving a full pension then you will not get any severance pay. As well, if the company that you have been working for has tried to find you employment in a different department and you have refused it then you may not qualify. You might also need to check out whether you count in the event that you are employed in the construction industry. There may be special circumstances that you fall into.
If you need more information about severance pay Ontario because you are unsure whether or not you qualify it can be helpful to talk to your HR department. A human resources professional should have all of the information you need to figure out whether you qualify and what your payments would amount to. If you do not have access to human resources professionals you might want to consider turning to the Ministry of Labor to find out any additional information that you might need.
severance pay Ontario
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