Employment Law

Scotiabank: Severance Packages

An assortment of currency from around the world. Scotiabank employees are entitled to severance pay when they lose their job.

The Bank of Nova Scotia (Scotiabank) is one of Canada’s Big Five banks. The financial institution is currently the third largest bank in the country by deposits and market capitalization.

Founded in 1832, Scotiabank employed a total workforce of more than 90,000 people as of October 31, 2022.

Headquartered in Toronto, Ontario, the company has over 900 banking branches across Canada.

According to Scotiabank’s Net-Zero Pathways Report, the bank is planning to achieve net-zero emissions by 2050.

Recent layoffs at Scotiabank

  • October 2023: Scotiabank is reducing its global workforce by approximately three per cent as it continues to look for ways to “streamline operational processes.”
  • February 2023: Samfiru Tumarkin LLP has been contacted by several Scotiabank employees who claim that the bank is laying off a substantial number of workers.
  • October 2015: Scotiabank is laying off an undisclosed number of workers as part of a broader cost-reduction strategy.

Severance for Scotiabank employees

If you work for Scotiabank, you are a federally regulated employee.

In Canada, non-unionized employees at the bank 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 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.

Federally regulated companies in Canada
Severance packages in mass layoffs
Rights to severance for provincially regulated employees
Severance pay for TD Bank employees

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.

Lost your job at Scotiabank?

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How to properly calculate severance pay

Employers often incorrectly calculate severance pay. There is a belief that severance pay is a few days’ pay, one week’s pay, or a week for every year of service an employee has with the company.

For non-unionized employees, the main factors of termination or severance pay include age, length of service, position, bonuses, benefits, and the ability to find new work.

If you work at BDC, you are likely a federally regulated employee. That means your severance package must consider:

To figure out how much compensation you may be entitled to, use our firm’s Pocket Employment Lawyer.

• 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 Scotiabank 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.

Get What You're Owed

Our employment lawyers in Ontario, Alberta, and B.C. are ready to provide you with the advice you need and the compensation you deserve

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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.

Advice You Need. Compensation You Deserve.

Consult with Samfiru Tumarkin LLP. We are one of Canada's most experienced and trusted employment, labour and disability law firms. Take advantage of our years of experience and success in the courtroom and at the negotiating table.

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