Apparently last fiscal year OpenText implemented a compensation reduction across the board and stopped contributing to employee's 401Ks under the premise of avoiding RIFs/WFRs. But then the company followed that with huge WFRs. Notification below.
Temporary Compensation Reduction
We are implementing a temporary compensation reduction through the end of FY21. Executives and more senior employees will be asked to take on a greater reduction.
I will be taking a 63% percent reduction in overall cash compensation, including foregoing my Fiscal 2021 bonus. The Executive Leadership Team will receive a 15% reduction in compensation, while managers will receive a 10% reduction and all other employees a 5% reduction, except for those who make less than $20,000 USD per year, who will be exempt.
We will also be temporarily suspending the OpenText match to retirement plans for North American employees starting in June.
These compensation reductions are temporary, and we plan to keep them in place until June 30, 2021. They will be implemented following local processes in various countries, and more detail will follow with specific details relevant to your country and position.
If the COVID-19 crisis ends sooner, we will act sooner to return to normal.