Thread regarding Nokia Corp. layoffs

Severance

Here is a 2017 severance package:

https://www.benefitanswersplus.com/active_m/spd/severance_plan_01012017.pdf

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from: NJBIZ MORNING ROUNDUP
article: Layoff payoffs Businesses are bracing for the state’s new mandatory severance requirements
By: Daniel J. Munoz
February 3, 2020 12:01 am

  • Under the measure, signed in January by Gov. Phil Murphy, businesses with at least 100 employees must provide 90 days’ notice for layoffs or operations transfers that would mean at least 50 workers are let go within a period of 30 days. That would be up from 60 days for lay-offs of that size – a requirement created by the Worker Adjustment and Retraining Notification Act, or WARN Act, in 2007.

In addition, terminated employees are entitled to receive severance of one week’s pay for every year worked at the company. Employers who fail to provide 90-days’ notice must dole out an additional four weeks of pay to each of those outgoing workers.

  • Under the prior version of the WARN Act, the 50-employee threshold could be met only if all affected workers were employed at a single facility—which would have addressed mass layoffs at a single factory.

The new law stipulates that the threshold is met if the layoffs affect more than 50 employees at all New Jersey locations combined, such as multiple retail outlets where individually, only a handful of employees would lose their jobs.

  • The measure goes into effect 180 days from Jan. 21, when it was signed, which could give employers some time to adjust to the changes.
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Post ID: @2ybxm+10NhrjIY

Is someone posting this because there are going to be major layoffs in USA before the end of the year?

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Post ID: @1jtm+10NhrjIY

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