Congrats, you basically got a year’s pay. In AB, you’re only required 8 weeks, so this is a great deal. Just check that it’s paid fully and not stopped if you find a job.
Van said:
Congrats, you basically got a year’s pay. In AB, you’re only required 8 weeks, so this is a great deal. Just check that it’s paid fully and not stopped if you find a job.
Thanks! I have two options: either a lump sum by the end of this month or in January 2025. No strings attached, just signing within their timeframe.
@Vic
You might get hit with higher taxes if you take it this year, but if you expect to be working next year, it might balance out.
Van said:
@Vic
You might get hit with higher taxes if you take it this year, but if you expect to be working next year, it might balance out.
The tax bite comes in the year it’s paid. It’s around a 30% hit.
@Shannon
Yeah, so next year might be smarter if that’s an option.
@Vic
I’d wait until January. You’ve already made a lot this year, so taxes would be hefty. This year, it’s close to $200k total, but next year it’d be closer to $100k.
KeithSimpson said:
@Vic
I’d wait until January. You’ve already made a lot this year, so taxes would be hefty. This year, it’s close to $200k total, but next year it’d be closer to $100k.
Thanks, the tax impact was on my mind too. But having the cash in hand feels safer. January isn’t too far, at least.
Van said:
Congrats, you basically got a year’s pay. In AB, you’re only required 8 weeks, so this is a great deal. Just check that it’s paid fully and not stopped if you find a job.
It’s not really like winning a jackpot. Getting one month per year of service is standard for long-time employees.
Van said:
Congrats, you basically got a year’s pay. In AB, you’re only required 8 weeks, so this is a great deal. Just check that it’s paid fully and not stopped if you find a job.
Your minimum rights might be 8 weeks, but most cases end up being higher if you went to court. Companies don’t give this kind of package out of kindness, but rather because it’s what a court might give.
Van said:
Congrats, you basically got a year’s pay. In AB, you’re only required 8 weeks, so this is a great deal. Just check that it’s paid fully and not stopped if you find a job.
Have you seen their employment agreement or the laws in AB? This advice could have real consequences for the original poster, so unless you’re sure, maybe best not to post it as fact.
A lot of folks here are negative, especially those struggling to get hired. But I’ve seen many get laid off in tech, only to land on their feet in better jobs after a break. Sometimes, a layoff ends up being the best thing.
@Ember
Thank you – hearing positive stories like that is reassuring. After 13 years, maybe this is a needed push for something new.
Not sure what to do next? Take a few days to let it sink in, order some good food, and maybe start brushing up the resume by Monday.
Use the remaining health/dental benefits if possible… get a massage or a teeth cleaning, whatever makes you feel good.
@Nyx
Thanks for the tough love. It’s my first time being laid off, and I’ve been with them since before graduation. Losing the pension and health benefits feels rough after a health scare this year, but I get what you’re saying.
@Vic
So sorry this happened! But you’re not really “losing” your pension. 11 years is a solid contribution, and you can count on that money when you retire. You’re already ahead of most people in that regard!
@Vic
Just to add, if it’s a pension where you have to retire with them to get it, I’m sorry! But if it’s a locked-in RRSP, it’ll keep growing. Just make sure the fees are low and consider moving it to a cheaper portfolio.
@Vic
You probably haven’t lost the pension. It’s likely still there, just no more contributions. If it’s a public pension, it might even be transferable if you find a new job with similar benefits.
@Nyx
Take a break! It’s almost the holidays. Enjoy the downtime and don’t rush back to the grind.
Don’t forget that getting laid off doesn’t erase your skills. This deal is around $10K more than your salary, even without the bonus. You might be able to ask for a bit more. At the very least, get a free chat with a lawyer.
@Skyler
Genuine question: How do you even negotiate a severance package?
It’s not like they’d say, “Oh, that’s too expensive, we’ll keep you!” Do they just want to avoid a legal dispute?