I just saw in CTV about employment law. Just in case we have some questions if we ever got laid off.
https://stlawyers.ca
https://www.severancepaycalculator.com
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It totally depends on your position, professional designation, pay stream and length of tenure with the company. Severance could be anywhere from 8 weeks to 2 years depending on these factors. Unused vacation and bonus target will also be paid out as per Alberta Labour laws!
Professionals typically get 4 weeks per year of service capped at 2 years plus bonus targets. That is industry standard.
No matter what don’t sign and talk to a lawyer first. It’s worth it trust me. They got me more.
in 2015, it was 2 weeks for 1 year of service...
OMG. I have never understood why oil & gas people feel they are so special. Industry has always paid far more in severance than is mandated by law (as posted in another comment). Yes, in good times maybe you would get 3-4 weeks for every year of service but in these times be happy if you get 2. It will also depend on who you are, what your role is. If you do get a package also be prepared for your next job (assuming you find one) will pay less than what you're making now. Salaries have come down. Lots of people looking, don't need to pay top dollar any more.
Termination pay (pay in lieu)
The employer may not wish to have their employee work out a notice period. In this case they may give the employee pay in lieu in the amount the employee would have earned had the employee worked through the required notice period.
https://www.alberta.ca/termination-pay.aspx
Notice period Length of employment
1 week More than 90 days but less than 2 years
2 week 2 years but less than 4 years
4 week 4 years but less than 6 years
5 week 6 years but less than 8 years
6 week 8 years but less than 10 years
8 week 10 years or more
Standard is 4 weeks per years of service, however these are hard times. Should be more.
Does anyone know how many weeks we may receive for each year of service as a severance offer.
I have heard the industry pays 3-4 weeks comp equivalent for each year of service, capped at 12 months/ years max.
Any input from HR on this thread would really help