PayPal Layoffs: 9% of staff being cut to ‘right-size’ the business

PayPal is laying off approximately nine per cent of its total workforce.

In addition to direct reductions, the payments firm will eliminate open roles over the course of the year.

What’s happening at PayPal?

In a note to staff on Jan. 30, CEO Alex Chriss said PayPal is cutting jobs to “right-size our business” and “drive profitable growth.”

“While I have been encouraged by the innovation our team is delivering, we must execute faster and ensure we are focused on solving our customers’ most critical needs and problems,” the note reads.

“Specifically, across our organization, we need to drive more focus and efficiency, deploy automation, and consolidate our technology to reduce complexity and duplication.”

Chriss added that affected workers will be notified “between today and the end of the week.”

According to news outlets, including Bloomberg News, around 2,500 employees at the company could be laid off.

PayPal layoffs in Canada

It remains unclear if any Canadian staff members at PayPal have been let go.

The company has more than 280 workers in the country, according to LinkedIn.

Termination agreements for PayPal employees

In Canada, non-unionized employees at PayPal are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This includes individuals working full-time, part-time, or hourly in Ontario, Alberta, and B.C.

People working “on contract” or as a contractor may also be owed severance pay — given that many employees in Canada are often misclassified as independent contractors.

Severance can be as much as 24 months’ pay, depending on a number of factors.

WATCH: Employment lawyer Lior Samfiru explains what rights employees have if they are being fired or let go on an episode of the Employment Law Show.

Before you accept any severance offer, double-check the amount using our firm’s free Severance Pay Calculator. It has helped millions of Canadians determine their entitlements.

In addition to your salary, make sure to factor in any other elements of your compensation (i.e. bonuses, commission, etc.).

If your employer’s offer falls short of what the Severance Pay Calculator says you are owed, it’s very likely that you have been wrongfully dismissed and should contact an experienced employment lawyer at Samfiru Tumarkin LLP.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue proper severance pay.

LEARN MORE
• Severance for provincially regulated employees
• Rights to severance for tech sector staff
• Rights to severance during mass layoffs

Major tech layoffs continue

The job cuts at PayPal come amid a flurry of tech sector layoffs in 2024.

Big names, including Salesforce, Microsoft, eBay, Brex, Wayfair, Amazon, YouTube, Google, Instagram, Discord, Twitch, Unity, and Xerox, are significantly scaling back their staffing levels as they continue to navigate challenging economic conditions.

SEE ALSO
• Firm launches $130M class action against Shopify for breach of contract
• UPS to cut 12,000 jobs amid drop in shipping volume
• Where are layoffs happening in Canada?

Lost your job? Talk to an employment lawyer

If you have been fired or let go for any reason, contact the experienced employment law team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized individuals.

In addition to severance package negotiations, we can assist you on a broad range of employment matters, including:

If you are a non-unionized employee who needs help with a workplace issue, contact us or call 1-855-821-5900 to get the advice you need and the compensation you deserve.