Laurentian Bank of Canada: Severance Packages

Laurentian Bank of Canada (Laurentian Bank) is a Canadian financial institution that serves families, businesses, and communities across the country.

With roots going back to 1846, the bank employs a total workforce of more than 3,000 people.

Roles at Laurentian Bank include: bankers, financial analysts, marketing professionals, sales representatives, administrative staff, human resources employees, and customer service representatives.

Headquartered in Montréal, Québec, the bank has offices in British Columbia, Alberta, Ontario, and Nova Scotia.

Recent layoff at Laurentian Bank

• May 2024: Laurentian Bank is scaling back its staffing levels and exiting the equity research business.

Severance pay for Laurentian Bank employees

In Canada, non-unionized employees at Laurentian Bank can get up to 24 months of severance pay when they are fired or laid off from their job.

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

Severance is the compensation that non-unionized workers in Canada receive from their employer when they are fired without cause.

Even if an employee is fired for cause, they may still be eligible for full severance pay. This is due to the high standards required to legally justify a for-cause dismissal.

LEARN MORE
• Severance pay for banking sector employees
• Rights to severance for federally regulated workers
• Rights to severance during mass layoffs

The right to severance is consistent regardless of economic conditions, company downsizing, business closures, or significant public health events (i.e 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 tens of thousands of employees over the years in severance package negotiations.

• LEARN MORE: Severance pay by company

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

There is a general belief that severance is one week’s pay, two weeks’ pay, or a week for every year of service an individual has with a company.

The reality is that severance for non-unionized employees in Canada is calculated using a variety of factors, including age, length of service, position, bonuses, benefits, and your ability to find new work.

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 you receive.

Once you sign back these documents, you eliminate your ability to negotiate additional severance pay.

Generally speaking, if an employee doesn’t receive the proper amount of severance pay when they lose their job, it’s possible that they have been wrongfully dismissed.

An employment lawyer at Samfiru Tumarkin LLP can review your situation and explain how much compensation you are legally entitled to.

Talk to an employment lawyer

The knowledgeable 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 lawyers have 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 non-unionized 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.