Three hundred ninety-two workers of Texas Instruments in Baguio City have agreed to accept the company’s retrenchment package that will take effect on January 16.
By agreeing to the arrangement, these employees—one of whom started working for the company since 1979—will receive a month and a half worth of their salaries per year of service, payment for unused vacation and sick leaves, plus an additional amount based on TI’s employee benefit program.
Termination is expected to take effect on January 16, 30 days after employees reportedly received the retrenchment notice dated December 17.
No employee has been reported to have filed a complaint regarding the retrenchment “because an employee could get as much as P1 million," Ana Dione, Department of Labor and Employment regional director, said.
The amount “is enough to start a small business," Dione said, adding that TI is among the few locators in Baguio City’s Economic Zone that gives higher salaries.
Moreover, retrenched workers would be given priority in hiring “in the event that business shall become better," Lourdes Sanil, TI’s human resources director, said.
Besides the layoff, 100 workers in Baguio will also be redeployed to the Clark ecozone.
The company sees a sustained production cut as the global crisis deepens, cutting jobs and reducing demand for goods and services around the world.
TI makes microchips which are used in cellphones and various other forms of electronic equipment.
Source : GMA News
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]
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