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Job Loss And Fringe Benefits

If you or someone you know has recently lost their job, you should be aware that the loss of your employment can also result in the loss of other employment benefits. Some of these benefits may need to be replaced and you should take these into account when negotiating your severance package.

What Benefits Should Be Replaced

Many of today’s employers offer a variety of benefits to their employees. The most common of which include pension or retirement benefits, medical and dental benefits, and group life insurance.


When you leave your employer you have the option to take your pension to another employer’s RPP, or take a “commuted value” which is placed into a locked-in retirement account.

When you lose your employment, your retirement accounts may be unfunded during the period you remain unemployed. Consider negotiating an additional amount to account for this shortfall of your benefits.

Medical Dental Benefits

Private medical benefits are a tax-free benefit provided by many employers. If you did not receive a salary continuance, you may need to find coverage privately. Companies such as Manulife and Blue Cross offer private medical plans.


You may receive life insurance as part of your employment. You may be able to take the plan with you and assume the payments or you may need to find additional coverage elsewhere.