RBC is Canada’s largest financial institution, with thousands of employees across its Ottawa branches, regional offices, and remote banking divisions. From advisors and analysts to call centre reps and branch staff, employees may face layoffs during corporate restructuring, cost-cutting initiatives, or digital transformations.

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

1. Read the Severance Offer Thoroughly

RBC typically provides structured severance offers—but that doesn’t mean they’re sufficient under common law. You may be eligible for more than what’s offered upfront, especially if you’ve worked there for many years.

2. Know Your Rights Under Ontario Law

In Ottawa, the ESA provides minimum termination pay. However, you may be entitled to up to 24 months of compensation depending on your position, age, tenure, and the job market.

3. Check for Bonuses and Commissions

If your compensation included performance pay, ensure your severance reflects it. This includes quarterly bonuses, commission structures, and deferred compensation.

4. Don’t Sign Under Pressure

RBC may provide a deadline to accept your offer—but it’s not legally binding. Take time to get proper legal advice before agreeing.

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FAQs:

• What if I was part of a branch closure?

Even in branch closures, you’re still owed fair notice or severance under the law. You may also qualify for internal relocation or reassignment options.

• Can I negotiate more if I’ve worked 10+ years?

Yes. Long-service employees, especially in supervisory or client-facing roles, are often owed significantly more than ESA minimums.

• Am I eligible for rehire if I accept severance?

It depends on the terms in your severance agreement. Some include non-rehire clauses—consult with one of our employment lawyers to review this before signing.

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Why Choose Our Firm:

We’ve helped countless banking professionals negotiate better severance outcomes. Do not hesitate to contact us today for a free consultation.