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F!refly
Joined: 14 Oct 2008
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 Posted: Tue Feb 28, 2012 3:01 am Post subject: School changing owners - severance ? |
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| I've worked at my school for a few years now and just found out it's been bought out by another company. The new company said they'll give me a new contract (option of 6 months or 1 year). My current contract has another 6 months left on it, and I was planning to leave when it's up. For severance pay, will my 365 days start when I sign the new contract? Does this mean I lose out on credit for the last 6 months? If I sign a new 6 month contract, will I get no severance since the school has changed hands? |
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12ax7
Joined: 07 Nov 2009
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| Posted: Tue Feb 28, 2012 3:28 am Post subject: |
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Good question, one for which I don't have the answer. I'd call the labor board to discuss this matter with them if I were you.
With that said, don't sign any new contract until you've discussed it with them because by signing a new contract you might be releasing the new owners from their obligations to pay you severance when your current contract ends. |
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YTMND
Joined: 16 Jan 2012
Location: You're the man now dog!!
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| Posted: Tue Feb 28, 2012 3:56 am Post subject: |
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| I've worked at my school for a few years now |
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| by signing a new contract you might be releasing the new owners from their obligations to pay you severance |
DO THE SEVERANCE DANCE.
| Quote: |
| I've worked at my school for a few years now |
| Quote: |
| by signing a new contract you might be releasing the new owners from their obligations to pay you severance |
DO THE SEVERANCE DANCE.
| Quote: |
| I've worked at my school for a few years now |
| Quote: |
| by signing a new contract you might be releasing the new owners from their obligations to pay you severance |
DO THE SEVERANCE DANCE.
| Quote: |
| I've worked at my school for a few years now |
| Quote: |
| by signing a new contract you might be releasing the new owners from their obligations to pay you severance |
DO THE SEVERANCE DANCE.
Now is the time to quit. Give your 30 day notice. After that, THEY are obligated to pay your severance.
Then............ CHA CHA CHA
DO THE SEVERANCE DANCE.
DO THE SEVERANCE DANCE.
Find another school.
That's all Folks!!! (Bugs Bunny and all). |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Tue Feb 28, 2012 9:39 am Post subject: Re: School changing owners - severance ? |
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| F!refly wrote: |
| I've worked at my school for a few years now and just found out it's been bought out by another company. The new company said they'll give me a new contract (option of 6 months or 1 year). My current contract has another 6 months left on it, and I was planning to leave when it's up. For severance pay, will my 365 days start when I sign the new contract? Does this mean I lose out on credit for the last 6 months? If I sign a new 6 month contract, will I get no severance since the school has changed hands? |
The first big financial question has to do with those previous years. Did you receive your severance annually at the end of each previous year or have you let it accumulate?
If you collected your severance each year then you are at risk for losing only 6 months of severance - painful enough - but losing several years worth of severance will be a very significant loss.
Do you have any other past due or unpaid amounts: vacation, airfare, housing deposit, unpaid wages, bonuses etc.?
As to who owes you the severance: as long as you are under your original contract, and under most circumstances even if you sign a new contract with the new school and its owners, you have grounds to pursue the original owners for all amounts due.
You may or may not be able to collect from the new owners depending on what they actually purchased when they "bought your school." They could have purchased the entire business as a going concern: the name, assets, liabilities ... the whole package - in which case the new owners should have the responsibility to pay all amounts due to you. Or they may have only taken over the premises and physical assets: desks, chairs etc, even the name, without taking over the liabilities by not aquiring the business itself as a going concern, in which case they do not owe you anything for your past due or previously earned amounts.
Hopefully you can talk to your original bosses and school owners and hopefully they will either pay you for all amounts due up till the sale or they will provide a guarantee and your new contract with the new owners will guarantee all past due payments.
Unfortunately, it happens frequently in such situations that the previous owners do not willingly accept liability and responsibility for your past due amounts and the new owners either have no legal obligation to pay or also refuse to honor any legal obligation they may have, in which case you are in for a difficult battle. |
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F!refly
Joined: 14 Oct 2008
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| Posted: Tue Feb 28, 2012 4:27 pm Post subject: |
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Thanks for your thoughtful reply, ontheway.
I spoke to someone at the Labor Board this morning who said about the same thing.
Fortunately, I have received my severance at the end of each year, so it's just the current year I'm concerned with.
The Labor Board said that the old employer is liable for paying prorated severance for the last 6 months.
But it looks like I'll be losing out on the next 6 months if I sign a new contract. I'll also be screwed out of my return flight reimbursement, most likely.
It's all pretty distressing. I've enjoyed a pretty cushy, stable job for 3 1/2 years, and suddenly a bomb like this gets dropped. Life really is unpredictable, especially in Korea. |
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