Royal Bank of Canada (RBC) is the country’s biggest bank and one of the largest in the world, based on market capitalization. With roots going back to 1864, RBC serves approximately 17 million clients in Canada, the U.S., and 27 other countries.

Headquartered in Toronto, Ontario, the bank has offices in other major Canadian cities, including Montreal, Calgary, and Vancouver. RBC claims on its website that it has more than 97,000 full-time and part-time employees working in the banking industry.

RBC Layoffs: Severance pay facts

Employees at RBC are entitled to up to 24 months of severance pay when laid off or terminated without cause, whether full-time, part-time, or hourly. Independent contractors may also qualify for severance if they have been misclassified.

Key Severance Facts

• Severance Pay: Can reach up to 24 months’ pay, based on factors like position, tenure, age, and ability to find similar work. Learn more about severance pay, and explore resources that explain how it works in Ontario, Alberta, and B.C.
• What’s Included: In addition to salary, severance may cover bonuses, commissions, and other compensation.
• Deadlines: You have up to two years from termination to pursue severance, regardless of any employer-imposed deadlines, which are not legally enforceable.
• Better Packages: We have successfully secured much larger amounts for individuals employed across a variety of positions, from entry-level jobs to executives.

Note: Even if dismissed for cause,...

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