Employment Law

Servus Credit Union Layoffs and Severance Pay

servus credit union, severance pay, servus credit union severance pay

Servus Credit Union is a member-owned, community-based bank that is headquartered in Edmonton, Alberta.

With roots going back to 1938, Servus Credit Union employs a total workforce of more than 1,700 people, according to LinkedIn.

In 2021, the company reported that it had more than $17-billion in assets, making it the second-largest credit union in Canada.

Recent layoff at Servus Credit Union

May 2022

  • Servus Credit Union told Global News that the company is laying off approximately 180 employees. The financial institution said “staffing changes are often necessary to realize an organization’s full potential.”

Severance for Servus Credit Union employees

Non-unionized employees at Servus Credit Union can get up to 24 months of severance pay in Alberta when they are fired or laid off from their job. This includes individuals working full-time, part-time, and hourly in the province.

Severance is the compensation a non-unionized worker in Canada receives from their employer when they are fired without cause.

If you are fired for cause, you are likely still entitled to full severance.

LEARN MORE
• Severance for provincially regulated employees
Mass layoffs in Alberta: Rights to severance
McKinsey & Company Layoffs and Severance Pay

Regardless of a company’s grasp on employment law, they are legally required to provide proper compensation following a termination.


WATCH: Employment lawyer Lior Samfiru explains everything you need to know about severance pay on an episode of the Employment Law Show.


All non-unionized employees at Servus Credit Union are entitled to severance pay during the COVID-19 pandemic if they are terminated, or let go, from their job.

In Canada, a company doesn’t have the option of “suspending” their legal obligations due to the coronavirus outbreak.

ADDITIONAL RESOURCES 
Sale of business in Alberta: Rights to severance
Company closed? What employees need to know

The employment lawyers at Samfiru Tumarkin LLP have represented numerous employees in the financial sector over the years 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.

Laid Off From Servus Credit Union?

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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, 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 Servus Credit Union, you are likely a provincially 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.

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 Servus Credit Union 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.

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Our employment lawyers 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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