Employment Law

Vancity Layoffs: 200 jobs cut due to restructuring

A photo of Canadian currency on a table. (Photo: PiggyBank / Unsplash)

What’s happening at Vancity?

Vancity is laying off 200 of its 2,500-plus employees, or 7% of its staff, as part of “organizational changes,” according to a statement released by the Vancouver-based community credit union on the afternoon of June 13. This announcement follows reporting by Samfiru Tumarkin LLP on the matter.

Key quotes: Wellington Holbrook, Vancity’s President and CEO, said that the organizations leadership team held an all-staff meeting earlier in the day to announce the “difficult changes involving organizational restructuring.”

  • “This step is essential for two reasons. We need to align Vancity’s business with our current market conditions and we also need to support a future-focused renewal of our commitment to members and community.”
  • “The reorganization and change we’re implementing will enable us to maintain high levels of member service and also invest in our continued growth, innovation and success as Canada’s largest community credit union.”

Compensation and support

Vancity says it will provide each affected employee with:

  • A comprehensive, fair, and equitable package of compensation, health and wellbeing benefits, and career supports.
  • Extended health, dental, and insurance plans for three months following employment.
  • One additional month of TELUS Health Virtual Care services for those leaving on June 13.
  • Maintenance of employee discount rates on mortgages and loans until the end of the product terms.
  • Extension of account savings perks until the end of 2024.

Your next step

If you have been affected by the layoffs at Vancity, continue reading to find out what your rights are, and why you need to contact the employment lawyers at Samfiru Tumarkin LLP.

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Termination agreements for Vancity employees

In Canada, non-unionized employees at Vancity are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This applies to individuals working in any capacity — full-time, part-time, hourly, or potentially even independent contractors — in Ontario, Alberta, and British Columbia.

Severance is the compensation provided to non-unionized workers in Canada by their employer when they are terminated without cause, and can be as much as 24 months’ paydepending on a number of factors.

WATCH: Employment lawyer Lior Samfiru explains why you are still owed severance if you have been downsized on an episode of the Employment Law Show.

Severance offers and deadlines

Before accepting a severance offer, double-check the amount using our firm’s free Severance Pay Calculator. It has helped millions of Canadians determine their entitlements.

In addition to your salary, make sure to factor in any other elements of your compensation (i.e. bonuses, commission, etc.).

If your employer’s offer falls short of what our Severance Pay Calculator says you are owed, it’s very likely that you have been wrongfully dismissed and should contact an experienced employment lawyer at Samfiru Tumarkin LLP.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue proper severance pay. An employer’s deadline to sign back a severance offer is not legally enforceable or binding.

Severance pay for provincially regulated employees
Rights to severance during mass layoffs
Severance entitlements in a recession

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Major layoffs continue

The job cuts at Vancity come amid a flurry of layoffs in 2024.

Big names, including Stifel, WillScot of Canada, Netflix, McKinsey & Co, EXL Service, Best Buy, Relic Entertainment, Ubisoft, Intel, Amazon, Telus, Canada Goose, Dell, Unilever, IBM, and TC Energy, have pulled out the axe as they continue to navigate challenging economic conditions.

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Where are layoffs happening in Canada?

Lost your job? Talk to an employment lawyer

If you have been fired or let go for any reason, contact the experienced employment law team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized individuals.

In addition to severance package negotiations, we can assist you on a broad range of employment matters, including:

If you are a non-unionized employee who needs help with a workplace issue, contact us or call 1-855-821-5900 to get the advice you need and the compensation you deserve.

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