Seems for most they are asking people to work full notice periods. For some so far in APAC this is many months... play fair Refinitiv and pay people in lieu, can’t expect those leaving to dig you out of the mess up to the completion of the LSE deal, you made this bed now lay in it...
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The notice period in this case is for you to find a new role. I recall you frequently put the wrong number in spreadsheets and hit delete accidentally.
All reasons to let you look elsewhere.
Has anyone had voluntary redundancy offered as an alternative? Plenty of people would like to go, but in previous waves they don't even ask. End up with a firm full of people keenly waiting for the chop, rather than working.
What is interesting in APAC is that they flag and track the staff cost savings for each person leaving, have no way of covering that position once the person leaves and make them stay to complete notice period. Once the person leaves, there is a gap and new budget, and the hiring process for the same role (slightly different title) begins again with another unsuspecting person looking for a real career. Unfortunately the long term staff, who smartly politically manvouvre, remain whilst the new person with commercial experience comes on board and is unwittingly the next name on the list when redundancies come up again (usually 12 months). New hires should join knowing it keeps them paid until they find their next job.
"I think in the UK the contractual terms may continue but only for a limited period, 6 or 12 months or something."
This is a good guide https://www.cipd.co.uk/Images/7697-a-guide-to-tupe-transfers-web_tcm18-44310.pdf
They can't just easily change stuff thats in your contract without agreement and if you are ex-Reuters the Job Reduction Policy forms part of your employment contract. Obviously there are ways around it but its not just a case of them waiting 12 months and dumping all your terms and conditions of employment.
Yes TCS will keep people for 6 to 12 months then change the terms of contract and let people go.
"UK/EU law states that years of service must transfer in any situation like this TCS transfer of employees, as do contractual terms of employment."
I think in the UK the contractual terms may continue but only for a limited period, 6 or 12 months or something.
Years of service transferring will depend on country. I'm guessing you are based in the US where labour laws favour the employer much more than the employee. UK/EU law states that years of service must transfer in any situation like this TCS transfer of employees, as do contractual terms of employment.
Years of service does not transfer over to those going to TCS - you are considered a new hire from day 1. No option to say no to TCS either - you would get terminated.
I just had my notice @Eagen, Sep11th is my slated final day.
Slightly different situation as Eagen was always closing, so not sure if this is replicant of other lay offs