Question

In the following table indicate by writing yes or no weather, the following program can qualify as a retiring allowance in all provinces: Payment Does it qualify as a retiring allowance Pay in lieu of notice Payments for unused accumulated sick leave Amounts paid when their office of employment is terminated including amounts for damages Vacation pay Legislated severance pay

please help

Answer 1

●Pay in lieu of notice - No

Reason~ It's a payment made to employees by an employer for a notice period, that they don't need to work.It's an immediate compensation and not an allowance paid at the time of retirement.

●Payment for unused accumulated sick leave - Yes

Reason~ It's paid not payable upon termination but on retoremere.

●Amounts paid when their office of employment is terminated, including amounts for damages - Yes

Reason~ Severance pay is an amount paid based on length of service that is payable to an employee upon termination of employment.It's considered as retirement allowance.

● Vacation pay - No

Reason~ Accumulated vacation leave not taken before retirement is not a retirement allowance.

●Legislative severance pay - No

Reason~ It's the pay and benefits employees maybe entitled to receive when they leave employment at a company unwillingly.

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