The term Severance Pay is quite confusing people and while some people believe that this is the money that you can receive only at the time of leaving, the truth is you can also claim this money when you choose to leave the organisation or when you are retiring. If you want to learn more about severance pay then you should check the website for Severance Pay Ontario so you can get a clear idea about the terms of this pay as well as how it functions. Severance pay has different terms and the terms usually depend on the kind of relationship that you have with your employer. The one thing that every employee should do at the time of joining a new organisation is to read through the severance pay terms so that they know when they are able to claim this money and when they are not eligible to do so.
Although Severance Pay is usually a sum of money that is handed over to an employee when they are laid off, this money is also given to a number of employees when they have completed a certain number of years with the organisation or when they choose to leave the organisation for better prospects.
These are certain terms that you will be able to learn only when you read your offer letter that the employer hands over to you at the time of joining. In case there are certain discussions about the severance pay it is highly recommended that you confront your HR department and ask them about the pay as well as whether or not you are eligible in certain situations. If you have clear terms about your severance pay it becomes easy for you to claim this money when you really need it.