Manulife Layoffs: Timeline, job cuts, and severance rights

Manulife Financial Corporation (Manulife) is a Canadian multinational insurance company and financial services provider that serves a variety of individuals, groups, and institutions.

Founded in 1887, the insurer employs a global workforce of more than 38,000 people. Headquartered in Toronto, Ontario, Manulife has offices across Canada, the U.S., Europe, and Asia.

According to the company’s website, it has served more than 30 million customers worldwide. Manulife administers various insurance policies, including short-term disability and long-term disability coverage.

Manulife Layoff Timeline: What Employees Need to Know

Below is a timeline of recent layoffs at Manulife:

• November 2024: 225 employees have been cut from its Global Wealth and Asset Management team.
• November 2023: Manulife’s global wealth and asset management arm has reportedly eliminated 250 jobs.
• November 2022: Manulife has reportedly laid off 50 employees in Canada as it moves away from property operations.
• August 2018: Manulife announced that 19 members of its equity team are set to depart at the end of the year.
• June 2018: Manulife is planning to eliminate around 700 jobs in Canada over a span of 18 months. In a news release, the company said the reductions will be focused on their customer experience and administrative teams.
• March 2018: Manulife has cut around 80 jobs in Canada as it focuses on becoming a digital, customer-centric leader. Roughly 35 of the affected staff members are in Waterloo, Ontario.

Manulife Layoffs: Severance pay facts

Employees at Manulife are entitled to up to 24 months of severance pay when laid off or terminated without cause, whether full-time, part-time, or hourly. Some independent contractors may also qualify for severance.

Key Severance Facts

• Severance Pay: Severance can reach up to 24 months’ pay and is calculated based on factors such as position, length of service, age, and ability to find similar work. Explore detailed information about severance pay in in Ontario, Alberta, and B.C.
• What’s Included: Severance packages should include salary, bonuses, commissions, and other compensation earned during employment.
• Deadlines: Employees generally have up to two years from the date of termination to pursue severance. Deadlines set by employers for accepting severance offers are not legally enforceable.

How is severance pay calculated for Manulife employees?

Severance packages are designed to provide financial support during a career transition. Key factors include:

• Length of Service: Employees with longer tenure may be entitled to more compensation.
• Age: Older employees may receive additional severance, reflecting potential challenges in finding similar work.
• Position: Specialized roles or senior positions can lead to higher compensation.
• Availability of Comparable Roles: Severance may account for the ease or difficulty of finding equivalent employment.
• Employment Contracts: While some employment agreements attempt to limit severance, not all limitations are enforceable.

Many believe employees are only entitled to the minimum severance outlined in employment standards legislation. However, under common law, individuals may qualify for much more—up to 24 months’ pay. Use our Severance Pay Calculator to quickly estimate what you may be owed.

Failure to provide proper severance pay constitutes wrongful dismissal. Samfiru Tumarkin LLP has extensive experience securing fair and full severance packages for thousands of clients.

To learn more about how severance works in Canada, watch this quick primer featuring employment lawyer Lior Samfiru:

What to expect during a layoff at Manulife

Navigating a layoff can feel overwhelming, but understanding the process can help you take the right steps:

• Communication: You’ll likely be informed of the layoff through a meeting or written notice. During this meeting, you may receive documents such as a termination letter, details about severance, and information on benefits.
• Review Documents Carefully: Avoid signing any paperwork immediately. Take the time to understand the terms and seek legal advice before agreeing to anything.
• Support Options: Your employer may offer resources like career transition services to assist you during this period.
• Severance Offers: Employers might set deadlines for accepting severance packages. Those deadlines aren’t legally binding—you have up to two years from the termination date to pursue your full entitlements.

Steps to take if you’ve been laid off

If you’ve been affected by Manulife layoffs, here’s what you need to do:

1. Don’t sign a severance offer immediately: You don’t have to accept it on the spot or a few days after receiving it.
2. Research your entitlements: Our firm’s Severance Pay Calculator can help you determine the amount of compensation you’re owed.
3. Seek legal counsel: Have an experienced employment lawyer at Samfiru Tumarkin LLP conduct a thorough review of your severance offer.
4. Document everything: Keep records of termination notices, severance offers, and communication with Human Resources (HR).

Why choose Samfiru Tumarkin LLP

At Samfiru Tumarkin LLP, we focus on securing fair severance packages early in the process, helping employees avoid the time, expense, and stress of litigation whenever possible. With extensive experience representing non-unionized employees across various industries, we provide effective, client-focused solutions to navigate layoffs and secure what you’re owed.

If you’ve been laid off, our experienced employment lawyers are here to guide you. We offer tailored advice for employees in Ontario, Alberta, and British Columbia, ensuring your rights are protected. Beyond employment law, we also handle disability claims and personal injury cases, providing comprehensive legal support.

Let us help you through this challenging time. Contact us today or call 1-855-821-5900 to get started.

Additional resources for employees

• Severance for provincially regulated employees
• Severance pay by company
• Severance packages in mass layoffs
• Termination for cause: Why severance may still be owed
• Wrongful Dismissal: What it is and how to respond
• Employment rights when a business closes

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, or a relationship between Samfiru Tumarkin LLP and a specific employer.