I’m 34 and just got let go today. I’ve been with the company for over a decade, so it’s a lot to process.
They called me in, told me I was done immediately, and gave me a severance package. I’ve reviewed the offer, and now I’m thinking about whether I should get a lawyer to check it out.
I was with the company full-time for 11 years, making $125K (plus a $25K bonus) and had two years as a co-op/part-time employee before that.
Here’s what they’re offering:
$29K for notice period, $92K in severance, and an extra $14K for long-term incentive stocks.
They didn’t say anything about my unused vacation days (about a week) or the bonus that would’ve been paid out in Q1 2025.
Edit: I’m also losing my pension and need to figure out what to do with those funds.
I’ll have health and dental benefits for 30 days.
Honestly, I’m still in shock. I’m the main caregiver for my parents and have a mortgage renewal coming up in mid-2025. Any advice would be really helpful.
Edit[2]: Thanks to everyone who has shared advice. I’m reading through your comments and truly appreciate it.
Sorry to hear about this. That severance package looks fair. Might be worth checking with a lawyer, but not sure they’d get you much more. Also, I’d start job searching soon.
Marin said:
Sorry to hear about this. That severance package looks fair. Might be worth checking with a lawyer, but not sure they’d get you much more. Also, I’d start job searching soon.
Thanks! I’ve seen mixed opinions on severance in other posts, and it’s a bit overwhelming.
The company offered some career transition support, so I’ll reach out soon.
@Ren
Not a lawyer, but some offer a free consultation to review your package quickly and see if anything else can be done. This deal seems close to what’s fair by law, so moving forward might be your best option.
@Ren
Honestly, it looks like a solid offer. I’d skip the lawyer and keep things good with your former employer since you’ll need them for references. Take some time to plan your next steps.
@Ren
Ask if they can pay you instead of the career transition support. You could get an extra $1,500 or so, and sometimes online tools can be just as helpful with resumes and interview prep.
@Ren
If they gave you a signing deadline, you can email them to ask for an extension “to consult with legal counsel.” It often buys time. Also, make sure they don’t take back the severance if you get a new job soon. Double-check health benefits and pension details too.
Marin said:
Sorry to hear about this. That severance package looks fair. Might be worth checking with a lawyer, but not sure they’d get you much more. Also, I’d start job searching soon.
@Westley
You can apply right away, but payments start after severance runs out. Mine was prorated from my last day. With your severance, you might not need EI anytime soon!
Adi said: @Westley
You can apply right away, but payments start after severance runs out. Mine was prorated from my last day. With your severance, you might not need EI anytime soon!
Yep, since severance acts like extended pay. But if you’ll need EI, don’t wait too long to apply.
Marin said:
Sorry to hear about this. That severance package looks fair. Might be worth checking with a lawyer, but not sure they’d get you much more. Also, I’d start job searching soon.
Can you ask them to extend the benefits? One month feels a bit short.
Marin said:
Sorry to hear about this. That severance package looks fair. Might be worth checking with a lawyer, but not sure they’d get you much more. Also, I’d start job searching soon.