Wow - feel bad for the people of Texas. I'm guessing Emp0loyment at will is just another way of say 'it's ok to f$$k with employees'.....
16 replies (most recent on top)
What will happen to your non-vested shares in case of termination?
No legal obligation to pay severance in the US. As an example, Texas is an employment at will state. In general, that means that your employer has the right to terminate you for a good, bad or no reason at all with very limited exceptions. The exceptions to the employment at will doctrine include the state and federal anti-discrimination statues, which provide protection in some instances to persons in certain categories, such as race, gender, or disability discrimination, or a refusal to commit an illegal act that would subject you to criminal penalties.
You have to sign the waiver to get the 3 weeks per year severance in the US. I am not sure there are any other ways of avoiding age discrimination lawsuits that would result otherwise.
134300 - there are siginficant legal implications to this however. I'm not sure about in the US but in Canada, what we're calling layoffs are actually 'without Cause' terminations. Because of this, the employer is required to give due notice to the employee. If not, they are required to pay severance (usually looking at 3-4 weeks/yr of service, but other factors are to be considered). There are other things considered when deciding what is sufficient notice such as the employment environmnet etc.
Apologies for the poor structure but as you can see the company can't just eliminate severance without siginificant legal ramifications - I believe Employment Law is similar in Eurpoe as well - can anybody here corroborate?
Has the severance package been modified?
Severance is at the discretion of the company. The terms of the severance documentation were updated recently to note as such. Elimination of the severance packages would reduce the expenses associated with the layoffs.
The number may be limited due to the layoff expense per employee. Unless they decide fire the new hires.
Is there any year with Sept. 31?
Except that there isn't a Sept 31 this year....so would that mean Oct 1?
The first layoff was small compared to the coming devastation of the ranks in just a few months.
Layoffs will be September 31st.
Q3 net loss due to one time item write-offs: cancellation of gulf of mexico exploration program and 2 year ($0.4 B) rig penalty + other write-offs.
Q4 net loss due to layoffs related one time items. Layoff won't happen before the begining of the corporate Q4 (Oct. 1st?)
Q1 2016, start fresh and big bonus for the main man.
For Canada we have been told 21 September will be day by which all the layoffs will be decided and will be done before 1st October.
What move?
So many rumors! Begin after the move is complete. And, all layoffs complete by end of year.