Voluntary departure packages and workforce buyouts have become an increasingly common feature of the Canadian employment landscape, particularly as employers in technology, telecommunications, media, and financial services adjust to changing economic conditions. If you have recently received an offer — or expect you might — the decision deserves careful thought.
Below are five issues worth considering before you respond.
1. Understand what the package represents.
A voluntary departure offer is a structured proposal. It typically reflects a formula the employer has applied across a group of eligible employees, often tied to years of service. That formula may align with what you are entitled to under the Employment Standards Act, 2000 and at common law, or it may not.
