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Real Kato Blog: Nortel Freezes Severance
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Nortel Freezes Severance
Thursday, 2009 January 15 - 12:38 pm
Nortel Networks announced that recently laid-off employees would not receive their severance packages. The packages are frozen as part of the bankruptcy proceedings, and it's likely that after other debts are paid, there'll be nothing left for severance.

People who have been laid off within the last sixty days are most heavily affected, since there's a sixty-day period from the time of the layoff until severance pay begins.

Pension funds and vested 401k accounts should not be affected by the bankruptcy.
Permalink  3 Comment   Bookmark and Share
Posted by Ken in: commentary

Comments

Comment #1 from John C (Guest)
2009 Jan 16 - 10:31 pm : #
Where does this leave you?
Comment #2 from Ken (realkato)
2009 Jan 17 - 10:29 am : #
Oh, I never received severance from Nortel. I wasn't laid off, I quit. And that was many years ago anyway. So none of this affects me personally; I'm just writing about it for all my Nortel (and ex-Nortel) friends.
Comment #3 from John C (Guest)
2009 Jan 17 - 8:44 pm : #
where the hell do you work?

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