The Bank of Canada is the country’s central bank, responsible for setting monetary policy, issuing currency, and promoting financial stability. Headquartered in downtown Ottawa, it employs professionals across economics, research, administration, IT, and support services. While it’s a public institution, it operates independently from government and can experience departmental restructuring or funding-driven job reductions.

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Steps to Take if You’re Laid Off or Offered Severance:

1. Review the Terms of Your Termination Package

• Central institutions like the Bank of Canada may offer structured severance packages, but that doesn’t mean they meet your full legal entitlements.

• Review the breakdown: salary continuance or lump sum, bonus treatment, benefit continuation, and any pension-related provisions.

2. Understand Your Rights Under Ontario Law

• As an Ottawa-based employee, your termination is governed by the Ontario Employment Standards Act (ESA)—but this only outlines minimum entitlements.

• Most long-term, professional, or specialized employees are entitled to more under common law.

3. Consider Pension and Retirement Implications

• The Bank of Canada offers defined benefit pension plans—your exit could affect early retirement options or vesting periods. Consult with HR or a pension expert.

4. Seek Legal Advice Before Signing

• Many professionals assume the central bank’s offer is final. However, it’s always worth having it reviewed by one of our employment lawyers—you may be entitled to significantly more.

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FAQs:

• Does being a federal institution change my severance rights?

Not necessarily—despite its federal status, most employees fall under provincial employment law, not federal legislation.

• Am I eligible for Employment Insurance (EI)?

Yes, as long as you were terminated without cause. However, severance payments may delay your eligibility.

• What if I was on a fixed-term contract?

You may still be entitled to compensation if your contract was ended early.

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Why Choose Our Firm:

Our firm has extensive experience advising former employees of public institutions like the Bank of Canada and can ensure your exit package reflects your value. Do not hesitate to contact us today for a free consultation.