I (34, AB) just got let go today, and I’m still trying to process it. Been with the company for over a decade, and this is all very sudden.
They called me into the office, told me I was done effective immediately, and gave me a severance package. I went home in a bit of a daze and reviewed what they offered. Now I’m wondering if I should talk to a lawyer to look over it.
I’ve been at the company full-time for 11 years, earning $125K (plus a $25K bonus) and was also a co-op/part-time for about 2 years before that.
Here’s what they offered:
$29K for notice period, $92K severance, and an extra $14K for some long-term incentive stocks.
They didn’t mention anything about my unused vacation days (about a week’s worth) or the bonus that would’ve been paid in Q1 2025.
Edit: I’m also losing my pension and will need to figure out moving the funds.
I’ll have health and dental benefits for the next 30 days.
Honestly, I’m still kind of in shock. I’m the main caregiver for my parents, and I have a mortgage renewal coming up in mid-2025. I’d really appreciate any advice right now.
Edit[2]: Thanks to everyone who has commented so far. I’m reading through your advice and really appreciate each of you taking the time to help.
Sorry to hear about this, but the severance package looks pretty fair. Might be worth checking with a lawyer, but I’m not sure they’ll get you much more. Also, I’d start the job search soon.
Jem said:
Sorry to hear about this, but the severance package looks pretty fair. Might be worth checking with a lawyer, but I’m not sure they’ll get you much more. Also, I’d start the job search soon.
Thanks! I saw a mix of opinions on severance in other posts, and it got overwhelming.
The company is offering some career transition help, so I’ll reach out to them soon.
@Vic
Not a lawyer, but many offer a free consultation where they’ll look over your package. It’s usually quick, and they’ll tell you if more can be done. Still, this seems close to what’s fair by law. Sometimes moving forward is the best choice.
@Vic
Looks like a good deal, honestly. I’d skip the lawyer. Keep things positive with your old employer since you’ll need them for references. You might not be out of work for too long, just give yourself a breather and plan your next steps.
@Vic
Ask them to pay you instead of the career transition service. You might get an extra $1,500 or so. Those transition services aren’t very helpful – even AI like ChatGPT can rebuild your resume and help with interview prep.
@Vic
If they gave you a deadline to sign, email to request an extension “to consult with legal counsel.” It usually buys you time. Also, double-check the terms for anything about them taking back severance if you get a new job soon. Make sure you understand health benefits and any pension details.
Jem said:
Sorry to hear about this, but the severance package looks pretty fair. Might be worth checking with a lawyer, but I’m not sure they’ll get you much more. Also, I’d start the job search soon.
@Haru
Not quite. EI eligibility starts as soon as you’re no longer employed.
“Apply for EI as soon as you stop working, even if you haven’t received your employment record. Waiting more than 4 weeks could mean you lose benefits.”
@Lane
You can apply right away, but payments don’t kick in until severance is over. I went through this too, and they prorated mine from my last day. With what you’re getting, you probably won’t need EI for a while though!
@Riley
Yep, because severance is basically extended pay. But don’t wait too long if you’ll need EI after severance. With 90+k, you probably won’t though.
Jem said:
Sorry to hear about this, but the severance package looks pretty fair. Might be worth checking with a lawyer, but I’m not sure they’ll get you much more. Also, I’d start the job search soon.
Could you ask them to extend the benefits? One month feels a bit short.
Jem said:
Sorry to hear about this, but the severance package looks pretty fair. Might be worth checking with a lawyer, but I’m not sure they’ll get you much more. Also, I’d start the job search soon.