Mass COVID-19 layoffs at Prospera Credit Union

Prospera Credit Union is laying off over 100 employees due to the economic impact of the coronavirus (COVID-19) pandemic, Samfiru Tumarkin LLP has learned.

The financial institution has issued severance packages with short deadlines to staff across multiple locations.

The credit union has offices in Abbotsford, Chilliwack, Clearbrook, Mission Park, Surrey Centre, and South Granville.

Severance agreements for Prospera Credit Union employees

In Canada, non-unionized employees at Prospera Credit Union are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business. This right is not affected by the COVID-19 pandemic.

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.

LEARN MORE
• Rights to severance for federally regulated employees
• Severance entitlements during mass layoffs
• Severance packages in a recession

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, have an experienced employment lawyer at Samfiru Tumarkin LLP review it and your employment contract.

We can tell you if what you have been provided is fair and how to get proper severance if it falls short of what you are actually owed.

If you don’t receive the full amount, which happens often, you have been wrongfully dismissed and are entitled to compensation.

In some cases, employers pressure staff into accepting poor severance packages, such as imposing a deadline for accepting the offer.

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