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What's the difference between termination pay, or pay in lieu of notice, and severance pay? Could I be entitled to both termination pay AND severance pay?
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Notice/termination pay is designed to provide someone with income to support them following their termination until they find subsequent employment.
Statutory severance pay is designed to compensate someone for their prior years of service. Severance pay is only given to certain employees, depending on the size of the employer and the employees length of service.
You may be entitled to both.
The above is a very simplified explanation, and your specific circumstances would need to be discussed in more detail to advise what your entitlements might be.
If you would like more information, you can contact us to arrange a consultation.
Notice/termination pay is designed to provide someone with income to support them following their termination until they find subsequent employment.
Statutory severance pay is designed to compensate someone for their prior years of service. Severance pay is only given to certain employees, depending on the size of the employer and the employees length of service.
You may be entitled to both.
The above is a very simplified explanation, and your specific circumstances would need to be discussed in more detail to advise what your entitlements might be.
If you would like more information, you can contact us to arrange a consultation.