Severance pay

Author: External Author | | Categories: Accountant , Accounting , Payroll Services

"Severance pay" is compensation that is paid to a qualified employee who has their employment "severed." It compensates an employee for losses (such as loss of seniority) that occur when a long-term employee loses their job.

Severance pay is not the same as termination pay, which is given in place of the required notice of termination of employment.

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Original Article Source Credits: Ontario, https://www.ontario.ca/

Article Written By: NA

Original Article Posted on: NA

Link to Original Article: https://www.ontario.ca/document/your-guide-employment-standards-act-0/severance-pay

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