Would they do that?
If ch 11 is filed is severance also gone?
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@g0 sonetbibg else to keep in mind is currently when people are being laid off they are receiving x# of weeks pay based on time of service. In chapter 11 (or before) just fire staff with out these payments. Why not use Chapter 11 as a good excuse to stop being nice to people were releasing.
@ek that applies only to the XRX unfunded portion of the pensions which ironically covers the highest level management. RIGP is fine and unaffected by anything XRX does.
If you read the 10K there is some references to on going pension liabilities as current and future expenses that are weighing down rho finances.
The reality is the severance payments are expenses that in chapter 11 will be viewed as am expense to walk away from any on the books( not paid) and future payments until ordered in court to pay.
All existing payments shouldn’t be able to claw back if in a third party hands. But if your excepting servance from the current balance sheet once chapter 11 isbfioed -- don’t be shocked if your waiting long than normal or don’t see it.
Canada does not have a traditional pension. It's more like and assisted IRA. Educate yourself and speak English on here.
@bq It takes alot of decision making to make sure you build up wooden ship so that you can take a lighter to it and the entire ship burns up and then sinks.. don't underestimate the work that SLT has done.
My severance starts now, while still working.
Do bare minimum, if top dog can collect 14 million for doing what he does I won't feel guilty at all.
Pension has been scooped
@az I’m not sure why you’re so rude? You do know that there is more than one country on this site? This applies to Canada. Try to educate yourself before you speak.
@ay pension is protected and in the UK government pays severance if xerox cant
@ay Pension is not gone and nothing can happen to it. Try to educate yourself before you post.
No severance and your pension is gone….bit you stayed hoping to be the next leader. The irony. You’re just a number.
Why would they do that? Really?
@a9 I agree. They are waiting for a reason
you all should have taken the money two years ago
If they go CH11 they will be no severance. Again, that is why the lack of massive layoffs is so scary. They are waiting until they can sc--w the largest amount of people out of it.
If things were better they would be firing more people to try and pull out of the ditch.
@OP Is there a severance clause in your contract? Do you have a Golden Parachute? They have reduced the severance policy from a maximum of 26 weeks to its current state in the last few years. There is no legal requirement keeping them from reducing it to zero for everyone without a specific contract. If Xerox runs out of money, there is an order that it legally must pay out what money it has left. Severance is not on that list.