A severance pay is different than the termination notice or the pay in lieu of notice when termination occurs.
An employee is entitled to severance pay only when they have been employed by their employer for five years and above, and if the employer has a payroll of $2.5 million or if the employer terminated 50 employees and above in a six months period because of the business or part of it being permanently shut down.
Whether you qualify for severance pay or not, you may be entitled to termination notice or pay in lieu of, so even if you have been employed for less than five years or your employer is a small company with less than $2.5 million.
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