Calculating your termination pay can be a wise thing to do once you (for whatever reason) lose your job. What is your termination pay? This is the final pay a employer has to pay his employee once their registered agreement ends. An employee has the right to receive a specific termination pay, even when your contract says you don't.
Your age and working years have an impact on the amount of money you will get. Older people will receive more compared to their younger colleges. Same as for people who are in the better payed positions compared to other coworkers.
The amount of termination pay you can ask for, depends on a few points:-Your age
-The amount of months you have worked for the company
Length of Employment and Notice required:
< 90 days = None 90 - 3 years = 2 weeks
3 - 4 years = 3 weeks
4 - 5 years = 4 weeks
5 - 6 years = 5 weeks
6 - 7 years = 6 weeks
7 - 8 years = 7 weeks
> 8 years = 8 weeks
There are certain disclaimers:
-You need to have worked at the company for at least 90 days, 25 hour a week or more.
-The ending of the agreement needs to be your employers decision, not yours.
-The reason for ending for the agreement can not be retirement.
Please note that there are special rules when employment is terminated for the following situations:
The business has been sold.
There are breaks in employment that are less than three months; or in temporary layoff situations.