Nortel Freezes Severance

Comment by John C (Guest)

John C (Guest) — Sat, 17 Jan 2009 20:44:38 +0000

where the hell do you work?

Comment by Ken

Ken — Sat, 17 Jan 2009 10:29:44 +0000

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 by John C (Guest)

John C (Guest) — Fri, 16 Jan 2009 22:31:26 +0000

Where does this leave you?

Nortel Freezes Severance

Ken — Thu, 15 Jan 2009 12:38:35 +0000

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.