Fiona Martyn, an employment lawyer at Samfiru Tumarkin LLP, an employment and labour legislation agency in Toronto, recommends taking your severance package deal to a lawyer for evaluate earlier than signing something. Regardless that you signed an employment contract upon being employed, generally the termination clauses are unenforceable, because the legislation might have modified throughout your tenure. “What [an employment lawyer] can do is enable you negotiate a greater severance package deal which displays components like your age, size of service and place. Severance packages assist to bridge the [financial] hole till you discover a new job,” she says.
That’s precisely what Michael did (final title withheld for privateness causes). Michael, who lives in Toronto, misplaced his job at a big tech firm in 2019. “I noticed the writing on the wall from a mile away,” he says. “I began getting my geese in a row.” He was disillusioned together with his settlement provide—the corporate let him go solely weeks earlier than his inventory choices would have vested, so his whole compensation package deal was a lot decrease than he anticipated.
Michael instantly went to a lawyer. “By getting a powerful letter from [my lawyer], I used to be capable of get an additional month of severance,” he says. For the one-hour assembly and the letter, he paid $500, which was solely a small share of the extra severance pay he subsequently acquired.
discover an employment lawyer in Canada
You possibly can contact the regulatory group in your province or territory—just like the Regulation Society of Ontario or the Regulation Society of British Columbia—for a referral to a professional employment lawyer. These organizations oversee the apply of legislation and set up requirements of competence for attorneys in every province and territory.
When to use for unemployment insurance coverage
What’s EI? EI used to seek advice from “unemployment insurance coverage,” however the appropriate time period is now “employment insurance coverage.” EI gives revenue to Canadians who’ve misplaced their jobs by way of “no fault of their very own” for as much as 45 weeks, or simply over 10 months. The utmost quantity you may obtain is 55% of your wage, as much as $650 per week.
EI begins when you’re not receiving severance pay out of your employer. To be eligible, you must be out of labor and receiving no pay for a minimum of seven consecutive days, and you must have been terminated with out trigger. It is best to apply for EI as quickly as you get laid off, no matter whether or not your employer provided a severance package deal, Martyn says. You possibly can apply on the identical day you get laid off—even in the event you don’t but have the required paperwork. If you happen to do have severance, merely inform Service Canada, which administers the EI program, and it’ll put your EI funds on maintain till that interval ends. And in the event you discover one other job earlier than then, you gained’t want EI.
3 methods to organize for a potential job loss in Canada
Kurt Rosentreter, a senior monetary advisor at Manulife, provides these tricks to reduce the potential affect of a brief job loss.
1. At all times keep marketable
To arrange for potential job loss, you’ll wish to keep marketable—this might help you discover one other job shortly, says Rosentrer. And one of the simplest ways to do this is to refresh your LinkedIn profile, get new certificates in your discipline and maintain networking. Don’t be complacent about your expertise.
