“But what does ‘notice period’ really mean? Let’s say you worked at a place for one year. You probably received a base salary, but maybe also bonuses and commissions, group benefits, club benefits, a car allowance, a housing loan, etcetera. If that’s the case, that’s what you’re entitled to. It’s not just your base salary. You have to quantify all of those things.

“The next thing to consider is: how am I going to receive this? As a lump sum or as payment over time? I tend to recommend the lump sum; it lets you get on with your life, there can be tax savings, and when you get your next job the payments don’t stop. That’s important, because an employer will often say ‘We’re going to continue your salary and benefits for up to a year, but if you get another job, you’re cut off.’ “An issue to bear in mind though is ‘benefits continuance’. As a salaried employee you’re usually entitled to group benefits. Two of the most important are life insurance and long-term disability. Insurance is a funny thing. You don’t need it, until you need it. It’s very, very important that if you’re taking a lump-sum package that you replace those benefits through a private insurer. I’ve had clients who have been terminated and died three months later.

“Pensions are another serious issue that often gets overlooked in termination cases. Call an actuary. Make sure that you don’t lose the value of your pension entitlement over the notice period. A relocation counselor is someone else you might want to consult. Try to get counseling covered in your package. Finally, ask your employer to provide a mutually acceptable, positive letter of reference.

“If you can cover all of those bases, you don’t need me.”