The Dangers of Relying on a Severance Pay Calculator
If you have been terminated from your job, it is critical to speak with a knowledgeable and experienced employment lawyer as soon as possible. Depending on the circumstances of your termination, you will more than likely receive a severance package. No matter how good the severance package sounds, or if you think you understand what you are entitled to because you have consulted an online severance pay calculator, do not sign anything without consulting with a lawyer.
Do Not Rely on a Severance Pay Calculator
It may be tempting to rely on a severance pay calculator that you find online to help you calculate what your severance package should be. The calculator will likely ask you a series of questions, including how long you were employed, how old you are, what type of role you had (e.g. management), what your salary was, etc., and will claim to give you an idea of a reasonable package that you should receive from your employer.
While this may seem like a convenient way to determine what you are owed, these calculators do not take into account your personal circumstances (beyond the few basics) which may significantly affect what you are entitled to. In addition, they will likewise not include additional factors such as overtime, bonus, and commissions, that should also be included in a severance package.
Quite simply, online calculators are not enough to help you determine what your rights are after termination.
Always Get Advice from an Employment Lawyer
Most employers will provide you with some time to consult with a lawyer after you have been fired. In addition, even if your former employer seems to be putting pressure on you to sign, or if a severance package gives you a very strict deadline for executing the agreement, you should always tell your employer that you plan to consult with an employment lawyer and that you need some time to do so.
Once you sign an agreement, very few chances are available to re-open negotiations and potentially get yourself a more optimal severance package.
Guelph Employment Lawyer Protecting Your Rights After Termination
An employment lawyer will review your package, ask you questions about yourself, your employment, and how you were terminated.
Based on your particular circumstances, the lawyer will then be able to negotiate with your employer about critical aspects of your severance package, including:
- the amount of money or notice you receive;
- what benefits, bonuses, commissions, or other remuneration you also receive;
- whether you receive your severance in a lump sum or in installments (depending on what you choose, there may be a significant tax or other benefit to you);
- what will happen to mitigation income in the event that you obtain another job.
Each employee’s personal situation is unique and severance package amounts will vary widely as a result. A consultation with a knowledgeable lawyer about all aspects of your case will help you consider things that you may not even have been aware you have a right to.
Contact Peter A. McSherry Employment Lawyer For Guidance and Advice on Severance Packages
If you have been let go, contact me to understand your options, negotiate with your former employer, and ensure your rights are protected. I can help you understand how to best respond given your unique situation. Call me in Guelph at 519-821-5465 or contact me by e-mail to schedule a consultation.