Canadian Western Bank Severance Packages

Canadian Western Bank (CWB) is a financial institution based in Canada. They offer a range of banking and financial services primarily to businesses and individuals in western Canada, including personal and business banking, commercial banking, wealth management, and specialized services for various industries such as agriculture, real estate, and healthcare. They offer products like loans, mortgages, savings accounts, and investment solutions.

CWB has over 2,000 employees. It operates a network of branches and offices across western Canada, including its headquarters in Edmonton. CWB offers careers in areas such as banking, finance, customer service, risk management, technology, and more. Job positions at CWB can include roles like bankers, financial advisors, customer service representatives, credit analysts, IT professionals, and various managerial positions.

Founded in 1984, CWB was established to serve the financial needs of businesses and individuals in western Canada, which was traditionally underserved by larger national banks.

Recent layoffs at Canadian Western Bank

• October 2023: Samfiru Tumarkin LLP has learned that CWB laid off at least 150 employees on Oct. 25, 2023.

Severance for Canadian Western Bank employees

In Canada, non-unionized employees at CWB can get up to 24 months of severance pay when they are fired or laid off from their job. This includes individuals working full-time, part-time, and hourly in Ontario, Alberta, or B.C.

Severance is the compensation a non-unionized worker in Canada receives from their employer when they are fired without cause.

Even if you are fired for cause, it’s very likely that you are still entitled to full severance pay because employees often don’t meet the conditions necessary for this type of dismissal.

LEARN MORE
• Severance for provincially regulated employees
• Severance packages in mass layoffs

Regardless of a company’s grasp on employment law, they are legally required to provide proper compensation following a termination.

This concept applies during challenging economic conditions, downsizing, the closure of a business, or major public health events such as the COVID-19 pandemic.

WATCH: Employment lawyer Lior Samfiru explains everything you need to know about severance pay on an episode of the Employment Law Show.

The employment lawyers at Samfiru Tumarkin LLP have represented numerous banking sector employees over the years in severance package negotiations.

We have successfully secured much larger amounts for individuals employed across a variety of positions, from entry level jobs to executives.

How to properly calculate severance pay

Employers often incorrectly calculate severance pay. There is a belief that severance pay is one week’s pay, two weeks’ pay, or a week for every year of service an employee has with the company.

For non-unionized employees, the main factors of termination or severance pay include age, length of service, position, bonuses, benefits, and the ability to find new work.

If you work at Canadian Western Bank, you are likely a federally regulated employee. That means your severance package must consider:

• Your minimum severance as a federally regulated employee, as set out by the Canada Labour Code.
• Your full severance pay according to our legal system (common law) which can be as much as 24 months’ pay.

To figure out how much compensation you may be entitled to, use our firm’s Pocket Employment Lawyer.

ADDITIONAL RESOURCES
• Severance Pay in Ontario
• Alberta severance packages
• Understanding severance in B.C.
• Layoffs in Canada

Don’t sign on the dotted line!

Do not accept any severance offer, termination papers, or exit agreement that Canadian Western Bank may provide you with.

Once you sign back these documents, you eliminate your ability to negotiate a fair and proper severance package.

Generally speaking, if an employee does not receive the proper amount of severance pay when they lose their job, they may be considered to have been wrongfully dismissed. An employment lawyer at Samfiru Tumarkin LLP can analyze your situation and explain how much compensation you may be owed.

Talk to an employment lawyer

The experienced employment law team at Samfiru Tumarkin LLP has helped tens of thousands of non-unionized individuals across the country. In addition to severance package negotiations, our team has experience securing solutions for the following employment matters:

Our lawyers in Ontario, Alberta, and B.C. stand ready to help you solve your workplace issues.

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

Disclaimer: The materials above are provided as general information about the rights of employees in Canada. It is not specific to any one company and should not be read as suggesting any improper conduct on the part of any specific employer.