If a store closes do all full timers regardless if you are hourly or salary or work sales get severance pay??? Just curious.
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The pension is in a separate account and in the US cannot be touched. Federally it is protected. As for the severance, they can screw you over, it is a voluntary think.
If you are full time you will get a severance, one week for every year with a max of 8 weeks, managers get more. But remember in order to get the severance you must work until they release you, if you leave early or voluntarily you will forfeit the severance.
There won't be a bankruptcy, calm the F down.
as for the OP ... "You'll get nothing and like it"
They did not pay severance to Sears Canada and they cut the retirement. I think Sears Canada was a trial run for SHC America. I don't think there is any legal requirement for a company to pay severance. This may be a state to state thing but it is more of a PR thing. So if they go BK PR is out the door.
actually if they file for bankruptcy they can screw over peoples pensions too as part of the bankruptcy agreement. Sears and Kmart both are going under soon, its wayyyyyy into deep now.
How many times must this be repeated!
Not necessarily need to pay severance - there are a number of financial shenanigans a company can deploy to avoid paying - one of them is just paying fines for NOT paying severance - could very well be cheaper
"how will the severance pay provisions in your employment contract be treated in the event you are terminated before or after your employer files for Chapter 11 bankruptcy protection?
The short answer is you will likely have to sit in line with every other general, unsecured creditor-meaning, if you collect anything, it will be a nominal amount. ..."
As far as I know from having seen so many of my coworkers go over the past few years, it's anyone who is officially full-time, whether hourly or salary. The problem is that I'm getting the feeling that they're going to try to hang onto the rest of the FTs until they declare bankruptcy so they can shaft everyone out of severances.