Expanded Checklist Before Signing a Severance Package

1. Review the Offer

   • Ensure the terms are clearly stated, including salary, benefits, and any other compensation.

2. Understand Your Rights

   • Familiarise yourself with your legal rights regarding severance in Ontario. Consider whether you are entitled to more than what is offered.

3. Consider the Release Clause

   • Check if the agreement includes a release of claims against the employer. Understand what rights you may be giving up.

4. Consult a Lawyer

   • Seek legal advice to review the severance package and ensure it meets your needs and legal entitlements.

5. Assess Your Financial Situation

   • Calculate your financial needs and how the severance package aligns with your current and future financial situation.

6. Compare Industry Standards

   • Research typical severance packages in your sector to gauge whether the offer is reasonable.

7. Look Into Non-Compete Clauses

   • Be aware of any restrictions that may limit your job opportunities or future employment.

8. Evaluate Benefits Continuation

   • Consider continuation of health benefits and any other perks, along with the duration they will be available.

9. Timeline for Acceptance

   • Note any deadlines for signing the agreement and ensure you allow adequate time for consideration and consultation.

10. Plan for Transition

    • Reflect on your transition plan, including job search, skills development, and networking opportunities post-severance.

Take your time to thoroughly review these points before making a decision.