need advice for severance package ontario
today I got layoff from a company that I worked for 4 yrs.
Q1). should I go for salary or lump
sum payment for ?
Q2). how can the company know if I find another job?
Q3)can I ask for extending the benefit coverage?
Q4). how does the company come up the vacation pay? I have around 25 days of vacations left.
Q5) what else should I ask for?
Termination Settlement Offer
1. CompanyX will continue your base salary of $xxx per week (less statutory, pension and applicable benefit deductions) for a 19.50 week period from April 8, 2021 up to and including August 2x, 2021 or until the date you obtain alternate employment or become self-employed, whichever is earlier (the “Salary Continuation Period”). This payment is inclusive of any contractual or statutory entitlement to termination and severance pay (as applicable). If you obtain alternate employment or become self-employed before August 2x, 2021, all salary continuation payments will cease immediately, and Companyx will pay you a lump sum payment (less applicable statutory, pension and benefit deductions) equal to 50% of the balance of any outstanding salary continuance payments to August 2x, 2021.
2. CompanyX will maintain your existing group benefit coverage to May 5, 2021, following which your group benefit coverage and the Health Care Spending Account (but excluding long-term disability coverage, out-of-country coverage, basic life insurance, supplemental and dependent life insurance coverage) will continue until the end of the Salary Continuation Period.
Irrespective of whether you accept the above settlement offer, you will receive a lump sum payment of $xxx (less statutory deductions) representing your vacation pay for accrued and unused vacation days up to the end of the statutory notice period. This payment will be made on the next payroll deposit following the Termination Date.