Thread regarding Enbridge Inc. layoffs

14 replies (most recent on top)

I’m in an odd position. Not yet 53, but enough years of service that I max out the weeks of payout. Combined with a large commuted value on my DB pension, and my other investments, I could easily survive 5 years without signicantly altering my lifestyle or financial position. I could go do whatever I want.

So I applied. Hope I get it. Not because I don’t enjoy what I do - I like my job. But because the long term future of the industry seems dodgy to me. I’ll never get a more generous offer.

I have no beef with Enbridge. They’ve done right by me, and we would part on mutually positive terms, I believe.

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Post ID: @fflq+14ZgDFHw

I know someone who was deemed ineligible for any of the options and the person did not relocate internationally or otherwise. Any theories as to why someone would not be eligible for any of the options?

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Post ID: @edew+14ZgDFHw

The comment regarding the phone call was about someone who received a phone call from HR stating they are not eligible to apply for a VWO. It may be because they moved form one country to the other when they took a promotion.

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Post ID: @8ndi+14ZgDFHw

Yes, but remember by retiring 5 years earlier (at the reduced pension amount), you are collecting your pension 5 years earlier. Very simple math (no TVM), if your reduced pension income is $50K/year, by retiring at 55 rather than 60, that’s $250K in your pocket that you wouldn’t otherwise collect. You need to look at your financial situation, but retiring at 53 with a bridge to 55 isn’t necessarily a bad thing.

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Post ID: @7saj+14ZgDFHw

My comment related to a phone call was in response to the person who said there was one person who received a call. There have been no decisions yet on the applications.

I don’t think it’s wise to take this package even at 53 and be bridged to retirement at 55 unless you are in a strong financial position. The reduction in pension is too significant. If you use the Retirement Estimator Calculator, the difference between 55 (reduced pension) and 60 (unreduced pension) in annual/monthly pension payments is nearly half. Pension is reduced 5% for each year under 60.

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Post ID: @7sxg+14ZgDFHw

I don’t understand what you mean about phone calls.

My point is that if you are under 53 I doubt it would be a good idea to take this. Good luck finding another job and the money will not last

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Post ID: @7sfe+14ZgDFHw

That is not true - There have been no phone calls. All applications are on a holding pattern until the deadline and only then will decisions be made and then communicated June 15th.

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Post ID: @7qia+14ZgDFHw

I think the offers are very generous, but you have to be in the right situation to actually want it and you should really be speaking to a financial advisor before you take any offer. If you are within the retirement window it is a no brainer if you financial house is in order.

But anyone under 53 ( in Canada ) would have to think very hard about taking this. The money may be attractive, but it will only last so long. Then what? In the current job market getting a new job, anywhere close to what you had before will most likely be impossible. You won;t qualify for unemployment or the CERB because you have been paid lots of money.

Unfortunately I believe that not enough people will take this who are under 53 ( my financial advisor said to not take it for the reasons above ). Then they will start implementing mandatory layoffs with the legally required severence.

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Post ID: @6jyn+14ZgDFHw

Wasn't the other option to just fire people? In this case people have a choice and hopefully enough people opt in so the company doesn't have to start terminating jobs. Some of you have nothing better to do than to complain about anything the company does – just leave already.

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Post ID: @6zof+14ZgDFHw

Enbridge has once again found a way to pit employees against each other. It’s almost like the leader is a sadistic bully. Oh, that’s right. He is.

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Post ID: @3qkk+14ZgDFHw

Oh believe me... I am not going anywhere but thanks!!!

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Post ID: @1dtu+14ZgDFHw

Don't feel like you have to stay even if you got the email. You can quit at any time

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Post ID: @1bvs+14ZgDFHw

I’ve heard of some who have gotten it. I heard of one person who got a phone call.

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Post ID: @raz+14ZgDFHw

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