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Retirement package from public/private sector employer

I don't have an example with my own parents (dad worked at Ford's as a union employee and my mom worked at Revenue Canada before they became CRA) so I was wondering if anyone can bring any examples.

Is it likely that a public sector employer of salaried employees sends them off into retirement with a nice little severance if the employee makes the decision to retire? If so, what form of severance have you seen (e.g. 3 months salary)?

I know that with this economic downturn our company has offered employees packages to retire but I'm thinking of it from the perspective if you voluntarily retire.

Addition: Since the public sector employers are so varied, perhaps there are some interesting observations when it comes to private employers. Does anyone know of people who have voluntarily retired and how their employer sent them on their merry way?
 

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There would be no one answer to this, because "public sector employer" is too broad a term, taking in municipal, provincial, & federal public servants, school boards, health care workers, etc.

In the past decade, some public sector employers have offered early retirement incentives for limited periods. They ones I am aware of have not been cash bonuses. They are usually some plan to allow you to take your pension early without penalty.

The federal public service has a severance provision for all employees that pays a retiring allowance of 1 week's pay for each year of service up to a maximum of 25 years. This is independent of any early retirement packages.
 

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I don't have an example with my own parents (dad worked at Ford's as a union employee and my mom worked at Revenue Canada before they became CRA) so I was wondering if anyone can bring any examples.

Is it likely that a public sector employer of salaried employees sends them off into retirement with a nice little severance if the employee makes the decision to retire? If so, what form of severance have you seen (e.g. 3 months salary)?

I know that with this economic downturn our company has offered employees packages to retire but I'm thinking of it from the perspective if you voluntarily retire.

Addition: Since the public sector employers are so varied, perhaps there are some interesting observations when it comes to private employers. Does anyone know of people who have voluntarily retired and how their employer sent them on their merry way?
In our Collective Bargaining Agreement (CBA) its 1 week pay for each year of service to a maximum of 30 years. This is for retirement.

For a layoff, its two years pay for the first year of service, and one week pay for every year thereafter. There doesn't appear to be a maximum.

As for buyouts.....i don't know if that is topped up by the severance outlined in the CBA. I'm not sure how all that works. I would think you get your severance pay (im guessing it would be considered lay-off?) and a cash settlement to buy out your pension. Not sure how all that works out.

oh - I work for a federal government agency, but we are our own bargaining unit. We aren't subject to the CBA negotiated with Treasury Board. But its pretty close from what I've seen - but those departments might have a different severance pay...
 
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