Royal Bank of Canada Severance Packages

Royal Bank of Canada (RBC) is the country’s biggest bank and one of the largest in the world, based on market capitalization.

With roots going back to 1864, RBC serves approximately 17 million clients in Canada, the U.S., and 27 other countries.

Headquartered in Toronto, Ontario, the bank has offices in other major Canadian cities, including Montreal, Calgary, and Vancouver.

RBC claims on its website that it has more than 97,000 full-time and part-time employees.

Severance for RBC employees

In Canada, non-unionized employees at RBC 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, 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 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 federally regulated employees
• Severance packages in mass layoffs
• Bank of Montreal Layoffs and Severance Pay

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 year 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 is one week’s pay, two weeks’ pay, or a week for every year of service an employee has with the company.

The reality is that severance for non-unionized employees in Canada can be as much as 24 months’ pay.

The amount of compensation you are owed 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 RBC 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 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.