Severance Expectations?
I work at a large corporation in Canada which is undergoing a major restructuring. This is my first time going through something like this (I've been lucky, I guess), but I'm not too concerned for myself.
I am, however, extremely interested in what this company is offering as serverance to the affected staff. I believe that the Ontario minimum requirement is one week for each year of employment, but I'm not sure about that. Also, this company regularly reports over $1.3 billion in net profit each quarter, so I would hope they have budgeted for more than the minimum requirement.
I also have a defined benefits pension with this company, but I understand that there is the option to withdraw the present value of that pension and have it transfered somewhere else (but doing so forfeits any future pension from this company). They have also announced changes to the pension which will change it over to defined contribution at a date in the future.
I'd really like to be prepared with an action plan should the hammer (or axe in this case) fall on me. I wouldn't want to just accept the minimum if I should/could be getting more nor would I wish to make the wrong decision on the pension.
As background, I've worked for this company for just over 12 years and as of mid last year, my PV for my pension was just over $95K.
So I'm asking the community here for some advice. I understand that an employment lawyer is probably better, but I'm sitting on a bus on the way home and none is available at the moment.
Thanks,
- dvdrat
I am, however, extremely interested in what this company is offering as serverance to the affected staff. I believe that the Ontario minimum requirement is one week for each year of employment, but I'm not sure about that. Also, this company regularly reports over $1.3 billion in net profit each quarter, so I would hope they have budgeted for more than the minimum requirement.
I also have a defined benefits pension with this company, but I understand that there is the option to withdraw the present value of that pension and have it transfered somewhere else (but doing so forfeits any future pension from this company). They have also announced changes to the pension which will change it over to defined contribution at a date in the future.
I'd really like to be prepared with an action plan should the hammer (or axe in this case) fall on me. I wouldn't want to just accept the minimum if I should/could be getting more nor would I wish to make the wrong decision on the pension.
As background, I've worked for this company for just over 12 years and as of mid last year, my PV for my pension was just over $95K.
So I'm asking the community here for some advice. I understand that an employment lawyer is probably better, but I'm sitting on a bus on the way home and none is available at the moment.
Thanks,
- dvdrat