Challenges For Older Employees in Today’s Workforce
Older employees face unique challenges in today’s workforce.
Let’s explore some of those key challenges:
🔹 Retirement Planning
Older employees are currently making critical decisions, especially regarding new tax regulations. The decision of whether to trigger the new capital gains tax before June 2024 can significantly impact retirement planning for older employees with...
Quiet Vacationing
It would be easy to assume that since Canadian workers receive an average of 10 vacation days per year—far less than the minimum of 4 weeks in many European countries—Canada would have higher productivity. However, this isn’t the case. In reality, Canada’s productivity levels have steadily declined over the past 40 years.
Recently, the Bank of Canada has highlighted low...
Navigating the Impact of Interest Rates on Employment
How can employees get ahead of the impact of interest rates on employment?To address this, we must first explore the connection between the two.Interest rates play a crucial role in employment as they are both lag indicators. Interest rates don’t increase in anticipation of inflation, but rather they rise because inflation exists.Employment trends don’t respond immediately to interest...
How to Determine Your Severance Entitlements as an Employee
How can employees ensure that their aggregate compensation is being accounted for when calculating entitlements for sales or other high-compensation roles?Here are 3 key considerations:🔹Employment Standards Act MinimumsIt’s the employer’s responsibility to consider all compensation earned by an employee during the preceding 12-week period prior to contract termination. This includes any...
How to Determine Employee Severance Entitlements
How employers can avoid racking up unnecessarily high fees when determining an employee’s severance entitlements:🔹 When calculating Employment Standards Act minimums, it’s necessary for employers to consider all forms of compensation earned by the employee over the preceding 12 weeks. This includes:Incentive pay, such as bonuses,commissions,restricted stock units or phantom stock...
Remote Work in Toronto
“My employment contract states that I am a remote worker, technically that means I can work from anywhere, right?”The short answer to this question is: Not always.Many employers will stipulate in contracts that work can be completed remotely but expect that employees will come into the office for occasional meetings or visits, complicating the desired arrangement.Further, in Toronto where the...
Non-Compete Clauses
Did you know that non-compete clauses are illegal in Ontario?
Even before recent legislation deemed these agreements illegal, non-competes were rarely enforceable in practice. Here are two key reasons why:
🔹 Non-compete agreements restrict individuals from pursuing their chosen industry or career path which is neither desirable nor beneficial. This can be especially discouraging for...
Statutory Notice vs Common Law Notice
Knowing your entitlements upon termination comes down to understanding the difference between statutory notice and common law notice.
How to Know You Should Contact an Employment Lawyer
Consider this: Your employer sits you down and hands you a termination letter. You’ve been fired. While you’re still processing the initial impact of job loss, they ask you to sign a release to receive the termination amounts outlined in the letter.
A release section is the most obvious indicator that it’s time to contact a lawyer.
Here’s why:
Releases are not enforceable...
Bank of Canada Rates and Unemployment
After historic rate highs, within two years of the first reduction, Bank of Canada rates have then fallen sharply and unemployment has risen significantly. Will this happen in Canada again?