About RBC
RBC (Royal Bank of Canada) is a Canadian multinational financial services provider and one of the largest banks in North America. Founded in 1864, RBC offers personal, commercial, and institutional banking services, as well as wealth management and investment solutions.
The bank employs thousands of professionals across divisions such as retail banking, business banking, capital markets, and customer service. Its corporate headquarters are located in Toronto.
Do RBC employees get severance pay?
Yes. In Canada, non-unionized employees working for RBC are entitled to a severance package when they are fired, let go, or lose their job. If you’ve been impacted by layoffs at RBC, visit the RBC Layoffs page for more details about your rights and next steps.
This applies to RBC employees working hourly, part-time, on contract or full-time in Ontario, Alberta, or B.C.
How much severance pay do RBC employees get?
Non-unionized RBC employees working in Canada can receive as much as 24 months’ pay in severance. The actual amount may vary between individual employees, as everyone’s details are unique.
How do you calculate severance pay?
You can calculate severance pay for a RBC employee right now by using the Severance Pay Calculator. It will analyze various factors to give you a better idea of what you may be owed.
Employee severance packages are calculated by looking at an individual’s:
- Job or position
- Pay or salary
- Length of service or seniority
- Ability to find a similar job or pay elsewhere
- Benefits
- Bonus pay
- Commissions
- Stock options
- Employment contract
- Recruitment from a previous employer
Note: Your severance package may also be affected by other factors unique to your situation, which is why you should talk to an employer lawyer to get a full understanding about your rights.
Should I accept my employer’s initial severance offer?
No. If you have been let go or fired, for cause or without cause, you should not immediately accept or sign off on any severance offer or termination papers from your employer!
You have a right to review any documentation thoroughly and respond when you are comfortable with your decision. You can also ignore any deadline an employer imposes on your severance offer, as you have two years from the day of termination to file a legal claim for proper severance.
The difference between a fair, complete severance package and the initial offer from employers can amount to thousands, even tens of thousands of dollars – money that is legally yours!
How do I get my full severance pay?
For comprehensive assistance in claiming your full severance package and safeguarding your employment rights, consult with an employment lawyer at Samfiru Tumarkin LLP.
Renowned as Canada’s largest employment law firm for employees, Samfiru Tumarkin LLP has successfully empowered tens of thousands of individuals in Ontario, Alberta, and B.C. to enforce their rights and secure enhanced severance packages.
With a reputation as one of Canada’s top-rated law firms on Google, the firm is not just a leader in the legal field but also a trusted voice in media, frequently featured for their expert insights on employment and disability law.
When you choose Samfiru Tumarkin LLP, you’re choosing a team committed to delivering personalized solutions and robust advocacy to resolve your workplace issues effectively.
Get the Severance You Are Owed
Contact one of Canada’s most experienced and trusted employment law firms to find how you can obtain your fair severance package when you are let go from your job.