The Faculty of Arts and Science introduced the Voluntary Exit Incentive (VEI) pilot program to provide staff with the ability to decide whether they would like to transition out of the University in exchange for a lump sum payment.
Specifically, the VEI program provides eligible staff with continuing appointments in the FAS the ability to voluntarily resign in exchange for a lump sum payment equivalent to four (4) weeks Regular Salary per completed year of service. Please note there is a minimum payment of eight (8) weeks of regular salary, and a maximum payment of fifty-two (52) weeks of regular salary. FAS considered and reviewed each application and determined acceptance based on operational needs.
Eligibility
Eligibility to apply for the VEI required that staff:
- hold a continuing FAS staff appointment (research, grant and contract roles are excluded);
- have a minimum of six (6) months’ continuous service as of March 26, 2024; and
- have not already given notice of resignation or retirement.
Application Approval Process
Decisions were communicated to applicants by end of day May 10, 2024.
In evaluating applications, FAS considered:
- the need for overall workforce reductions; and
- the operational needs of the Faculty.
If your application is approved for a departure date other than May 31, 2024, your last day of work will be specified in the approval notice.
Lump Sum Payment
If your application is approved, in exchange for voluntarily resigning your employment, you will receive a lump sum payment from the University in an amount equal to four (4) weeks of pay at your regular salary for each completed year of service. Please note there is a minimum payment of eight (8) weeks of regular salary, and a maximum payment of fifty-two (52) weeks of regular salary.
Your lump sum payment will also include an amount for any unused vacation days that you accrued as of your last day at work, based on your pro-rated vacation entitlement for the year, up to and including your last day at work.
The University will make this lump payment on your next regular pay date after your resignation is effective. However, employees with over ten (10) years of service may choose to receive their lump-sum payment in two (2) equal installments: the first to be made on the next regular pay date after your resignation is effective, and the second on the first regular payroll date in 2025.
All payments will be subject to the required deductions.
General Rules
Once made, your application cannot be withdrawn. Any elections with respect to pension and benefits are also irrevocable.
Staff who are accepted for a VEI under this program will be eligible for re-employment with the University three (3) years after their approved resignation date.
The VEI program is separate from, and does not replace, the Reduced Period of Responsibility Policy, which allows full-time employees with a continuing appointment and at least two (2) years of continuous service to request approval for a reduction in working hours under certain circumstances.
The benefits under this program are not intended to amend or replace any retirement benefits provided pursuant to the terms of an applicable Collective Agreement or individual employment contract.
The VEI is a limited-time opportunity. If FAS is required to move forward with layoffs, entitlements at layoff will not be based on the VEI but on the applicable Collective Agreement for unionized workers and the applicable employment contract for non-unionized employees. There may be a significant difference between the VEI lump sum payment and your Collective Agreement/Employment Contract entitlements in the event of a layoff, so staff are encouraged to ask questions and seek out the information they need in order to make an informed decision.
Questions?
If you have questions, please see the Voluntary Exit Incentive FAQs page for further information and contact details.