Concerning the # they will cut after the takers are accounted for in the next few weeks...I assume there will be no SIPP offered for those who will be on the chop block? Is the company looking at declaring the type of surplus where they aren't required to offer SIPP(economic or technical, I can't remember which it is)?
3 replies (most recent on top)
90 weeks if you have 30 years but 50 ish weeks if you have 20. The 30 years guys won’t be affected so this package drives the surplus to the 30 years guys and says “How about taking 50 weeks pay now instead of retiring in a few years with a 40K SIPP package.
@epn. Termination is different than surplus and when the surplus is announced, the company declares if it's an economic surplus or a technological surplus and(if memory serves me correct) depending on which one it is, the company doesn't offer SIPP. I may be fuzzy on the details so I welcome anyone with more specific/accurate knowledge.
I could be wrong but I think they have to pay core technicians 90 weeks severance pay if they end up terminated.