Does anyone know what process Refinitiv would take if they chose to change the redundancy package the ex-Reuters staff have at the moment ?
I have not yet been directly impacted by the current layoff round.
There have been comments about several more rounds of redundancies and then a contract change. I am assuming the contract change would be the key?
ref @VWqkQR4-4fyt (from 4xyk). Valid points. Blackstone will be more ruthless around cutting costs which is why they 'might' look at it. In defence of this, there probably aren't that many who wold be on the peak payout - these are usually people over 40 with at least 10 years service.
When Thomson's merged with Reuters, I believe the Thomson Package was enhanced (but still not as good as ex Reuters)
Agree - you cant influence this (unless you leave) - just worry about the things you can control !
The thing I keep coming back to is why would Blackstone bother when the Thomson family didn’t? More hassle than it’s worth?
Like others have said, there’s a post all about this so suggest reading that and waiting and see what happens. It’s not like you’ve got any way of influencing the outcome.
Ref: @VWqkQR4-3gdg. About the generous UK sev package. It is correct that the Unions and a consultation would have to happen, but this doesn't mean the package can't change and there are many instances where a precedent has been set.
Mark's and Spencers was one of those companies that changes their severance agreement because it was NOT contractual. You find that that this is probably the case with Ex Reuters - it is unlikely to be written into your contract. Check your contract for clarification.
Ahhh...correction...there are NO employee rights in the US. It can all be revoked at any time, especially after 9 months.
In the US it's 2 weeks per year...with a 1 year max. You folks in the UK are truly lucky. Not to mention in the US after your sev package runs out....no healthcare...nada...zip....all out of pocket about $2,000 per month.
There is a post on the hub from the Unite representative that addresses the UK situation. The UK job reduction procedure is understood to be contractual and any future change would need to be discussed and agreed with employee representatives (ie employee representative). Obviously, it is unlikely the unions would agree to a reduction in redundancy entitlement.
I think a lot of scare stories on this topic come from the US where employment rights are far less protective than in Europe.
And so the situation seems to be, leave now or very soon with 6 figures plus or work harder than before (less people around) and get rewarded with less redundancy later? It this is correct, leaving now with a couple of years take home money seems to be the most attractive option! How do I get it? Oh boy there will be some very unhappy people around later on!
I don't quite understand how anybody could unilaterally revoke whatever you have in your contracts. Is it the case of "accept the new terms and stay or get what you are entitled to and leave"?
To @VWqkQR4, there is information on this specific question posted on the Hub. There is a committed period of time where the existing redundancy policy will continue. After that, Refinitiv can determine its own lay off policy. To compare it to your specific situation, you should read it and see what you'd receive today and what local law requires. What the new policy will be is either to be determined, or to be published. No one really knows. Any of us rank and file can be made redundant. Better to keep your eyes open for other opportunities if you expect you could be made redundant in the short term.