Can an employer terminate federally regulated employees without cause?

Federally regulated employees (for example, those working in Banking, Railways, Airlines, Cable, Telecom, Broadcasting, etc.), who have over 1-year of service, are entitled to certain job protections akin to being in a union.

Under the Canada Labour Code, terminations without cause are generally not permitted if the employee is non-managerial and the employee has 1 year or more of seniority. There are some exceptions in a downsizing situation, but apart from that, the employer cannot terminate without cause.

Separately, under the common law, if the employee is not given an adequate severance package, this would further amount to a wrongful dismissal.