On termination, employees are entitled to receive the following termination payments:
- unpaid wages;
- accrued but unused annual statutory leave (depending on your contract, you may also be paid your contractual annual leave);
- potentially, a proportional amount of your annual bonus or end of year payment (if you are contractually entitled to such bonus or payment – this will depend on whether your bonus or end of year payment is guaranteed or subject to your employer’s discretion);
- severance payment or long service leave payment (if any); and
- any other payments provided for under the employment contract, such as stock awards and share incentive schemes (we can help you determine if you have a right to any such additional payments as well as work out whether your awards or shares have vested).
Bonus payments on termination are often withheld by employers – we can help you fight for this (often sizeable) amount.
Termination payments (other than severance payments) are payable to employees by no later than seven days after the date of termination. Severance payments must be paid within two months of notice from an employee claiming entitlement to severance payment.