Moneris Severance Packages
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Moneris, formerly known as “Moneris Solutions,” is a Canadian financial technology company primarily specializing in payment processing. The company was founded in December 2000 as a joint venture between the Royal Bank of Canada and the Bank of Montreal. Moneris is headquartered in the Toronto suburb of Etobicoke, Ontario, and maintains additional offices in British Columbia and Alberta.
Moneris processes over 3 billion transactions a year for more than 350,000 merchant locations through its software, EMV chip, PIN and contactless payment technology. It’s offerings include Payd Pro, Moneris Core and Moneris Go.
Moneris processes over 3 billion transactions a year for more than 350,000 merchant locations. It employs more than 1,900 people across North America, indicating a substantial workforce in Canada. Some of the positions at Moneris include learning consultant, director of product operational support, director of technology, governance and planning roles, marketplace strategy positions, IB regional sales consultant, and software developer. These roles illustrate the company’s emphasis on innovation, support, and strategic development within the FinTech industry.
Recent layoffs at Moneris
- November 2023: There are unconfirmed reports that Moneris has laid off 10% of its workforce.
Severance for Moneris employees
In Canada, non-unionized employees at Moneris 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
• Federally regulated workers and severance pay
• 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 employees in the tech sector 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
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, severance pay is calculated by looking at key factors, including their age, length of service, position, bonuses, benefits, and the 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 Moneris 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.