Date Published: 6 December 2022
Written by: Howard Levitt and Puneet Tiwari
Recently, we have seen terminations across several industries, especially the tech sector and primarily of employees earning $150,000 plus. These employees have been given their statutory minimums and then almost always offerred the 12 weeks’ notice regardless whether employed for one or five years.
12 weeks may be the right number for a one-two year employee, legally, however this must be full notice and not just base salary.
It is difficult to gauge accurate notice periods for short-service employees and the best advice is to immediately contact legal counsel. Based on several factors including age, length of service, salary, among others, a longer notice (severance) period is likely warranted, perhaps, vastly longer.
For employees in the tech sector, here are some terms to look out for in settlement packages: Base Salary, Bonus, RSUs/Stocks, Benefits and possibly Commissions.
Tech sector employees often accept packages in the 12-week range as it often appears to be a perfect package leading into February. But do not be short-changed by the initial offer. Have a lawyer review your package to ensure you are getting what you are entitled to. Only then can you be ensured a happy holiday.