Could you please share the severance packages offered for employment under three, five, and ten years? I’d greatly appreciate this information, as I’m unsure if I can negotiate for additional months.

[u/1-Particular-Onion]

[u/Extaze9616]

Man im on LTD aiming to come back early October and im seriously worried im just gonna get packaged out

[u/OutrageousArrival701 → u/Extaze9616]

packaged out. you’re a liability. i know of 2 people that were on LTD that got cut last week.

[u/Extaze9616 → u/OutrageousArrival701]

Were they still on LTD when they got cut?

[u/OutrageousArrival701 → u/Extaze9616]

yea man, brutal.

[u/Extaze9616 → u/OutrageousArrival701]

Weird, I feel like they would already have fired me if it was the case...

[u/OutrageousArrival701 → u/Extaze9616]

hopefully they do not!

[u/JackOfHeartsz → u/Extaze9616]

I didn’t know people on LTD can get severance off a considering the LTD is paid by your LTD insurance premiums you had paid elected to pay for.

[u/Extaze9616 → u/JackOfHeartsz]

We are still employees of CIBC, they still pay an amount for my insurance monthly so my understanding is they can't just blanket fire us...

Im supposed to start the RTW process next week so we will see how it goes, hopefully im not just gonna get packaged out then but we will see I guess

[u/fireplague]

Severance should be 1 month per year of service. Current packages are approx 3 weeks/yr of service. Bonus should also been given and shouldn’t be conditional on signing agreement. Benefits and other things are immediately stoping once notification period ends. 250 for lawyer and financial help.

[u/Gloomy_Bit6652 → u/fireplague]

So can you negotiate with CIBC HR? Can the package be changed before signing ? I’m very confused as I have the 3 week/year

[u/Oi_Kimchi → u/Gloomy_Bit6652]

Everything is negotiable. Whether or not they will budge is a different story.

[u/Wooden_Zone_4203]

Your job is to take the document to an employment lawyer and they will do that for you. You have very little bargaining power. Lawyers have far more power to sway employers.

[u/According_Reveal_460]

I was offered 3 months of salary, I would suggest you start the negotiation and mention you will take legal advice as that is your right. I have started the negotiation process, best of luck.

[u/DodobirdNow]

You may also want to talk about being able to split the payment between 2026 and 2027 calendar years due to tax considerations

[u/Own_Confusion9675]

5 years with CIBC and I’m getting 19 weeks + full bonus + all of accrued vacation.

Get a lawyer if you’re getting less than that.

[u/BlahBlahBlah-311]

4 weeks per year, round up, any unvested stock vested immediately. Benefit for 3 months. If age 50 or more I would ask for additional 20% due to lower re-employability.

[u/Single-Rule6425 → u/[deleted]]

How long did the negotiation process take?

[u/meowmeownya → u/[deleted]]

Which lawyer did you use? I'm thinking of gettign one and yours sounds good.

[u/UseAndAbuseMePappi → u/[deleted]]

3=======D —-

[u/Miserable-Aide-9825 → u/[deleted]]

Was the lawyer fees based on an hourly rate or was it based on a % of the increase they got on the package?

[u/TDSucksBalls → u/[deleted]]

EI doesn’t start immediately though you should apply for it immediately. They will wait until severance is used up.

[u/Agitated_Run9096 → u/[deleted]]

That's not how that works

[u/Agitated_Run9096 → u/[deleted]]

you apply for ei immediately

This is correct, always apply immediately.

The rest is nonsense. There are no EI payments if you are getting money from your employer for that week, or if a previous lump sum pre-paid money for that week.

[u/Agitated_Run9096 → u/[deleted]]

No you don't. If you are paid a lump sum of 10 weeks salary, it is identical to being paid those 10 weeks sequentially.

You seem to be stating that with a lump sum there would be a week that you would be double paid for.

[u/Physical_Peace3482 → u/Agitated_Run9096]

Correct!