The move came amid sustained economic volatility and pressure from multi-decade-high interest rates
Global accounting firm PricewaterhouseCoopers (PwC) has cut its Canadian workforce by 2% amid sustained economic volatility and pressure from multi-decade-high interest rates.
PwC currently employs approximately 7,700 people in Canada, meaning the cut would impact around 150 people.The downsizing was confirmed by a PwC spokesperson, after earlier reports by The Globe and Mail. No further details were provided.
The Globe and Mail reported than in recent weeks, “dozens” of former PwC employees have approached employment law firm Samfiru Tumarkin LLP. They claimed that they were laid off without adequate severance.
Despite uncertainties like fluctuating oil prices, CIBC notes that rising wages are coupled with an increasing unemployment rate and job vacancies pointing to a more relaxed job market.
— Canadian Mortgage Professional Magazine (@CMPmagazine) November 15, 2023
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The former employees, who The Globe and Mail declined to name, said that they were told the firings were part of a restructuring. They claimed that the offer they received amounted to a mere one week of pay per year of service.
“They have been offered not-fantastic packages,” Samfiru Tumarkin employment lawyer Fiona Martyn told The Globe and Mail.
“They are not insultingly low offers, but they are also not incredibly reasonable or incredibly fair, especially when looking at some of the factors that the courts will look at… They are also not in line with common law.”
Canada’s unemployment rate went up to 5.7% in October as the national economy steadily continued to cool. October marked the fourth time in the past six months where the national unemployment rate increased, Statistics Canada said.
