I will be leaveing work in the next few day and will have to make arrangements for the package payout.
IKt won't be huge but I still have to figure out the best option for handling it.
Any input on the best way to protecti it from being overtaxed?

I will need to have access to it in case I don't find a new job soon enough.
Has anyone done this before?

I was in the same situation back in 2001 (mass layoffs at Nortel). The options were a little different back then, but what I did was:

- put a certain amount in RRSPs (I believe the allowable limit is higher if it's from severance pay)

- paid down my auto loan (I think). Mortgage rates are low enough that they're not worth paying down.

- put smaller amounts in short term GICs, so the money would be handy if I needed it in a month or two.

If you tell your bank how much you've got to play with, and what you need liquid, they should be able to help. Some of these options (like shorter term GICs) aren't available now, I think. Instead, there are more high interest savings account options to choose from.

So, you could simply open a savings account and dump the money there. I think the rate's only around 2%, but it's something. There aren't as many ways to keep your money for the shorter term now, it seems.

Good luck.

Chris

Thanks Chris

You know - I have a deal all nicely arranged verbally with the president of my building - then corporate head office sends in the human resources people and bungle every thing up for me. sigh.
I have to start the entire negotiation process over again tomorrow.
I am annoyed and a touch uneasy.
I am physing myself up for battle.
They are trying to place me in another building and I do not want that. The other option in a package which I do want but the are low balling it and that is just plain rude and pointless.
All this is to justify the human resources department's expanding staff budget.
sigh.
Wish me strength and resolve to get through this quickly.

My thoughts are with you on this, Harmony.

A friend of mine went through this same situation, with conflicting deals once HR got involved. I believe she ended up writing a letter (a diplomatic one) stating what was offered, and what she wanted. I'm not sure how, but she managed to do it without ticking anyone off, and they went along with it. Perhaps they were afraid of any retribution from the conflicting offers.

Be strong and determined...we're with you.

Chris

Deal is done.
Not the same rate as the men in the company that have been let go before me but a good bit above basic. So I decided to accept where we negotiated to sign off on it.

I wanted out. All the money I will receive is gravy I guess. If I had quit I would have walked with nothing.

The rate is what annoyed me.
Two women were packaged out. Myself and office partner.
We both were offered a rate quit below all the men who were packaged before us.

Harmony, good to hear, good for you. Sorry about the lack of parity between the men and women. Some places still don't have it quite right.

Some of it could also to do with the "order of packaging." I know during our mass layoffs, we had a few rounds...those who were around for a later round got less.

But, it beat the alternative.

Best of luck,

Chris

quote:

Originally posted by Orion:
[qb] Sorry about the lack of parity between the men and women. Some places still don't have it quite right.

Some of it could also to do with the "order of packaging." I know during our mass layoffs, we had a few rounds...those who were around for a later round got less.

[/qb]

I'm good with my deal. Once 100 percent complete.
I will be addressing concern to this to several biggies with in the corporation, along with copies of the documents that sound the rates issued.

With all the federal, RCMP, trade investigations and strict document preservation policies in place right now. Perhaps my little letter will bring a set protocol into place that will avoid this kind of situation in the future for any others that may face termination of posistion in the future.
I won't benifit from it in anyway, but I can't just ignore it without leaving proper documentation of it behind.
I may not be able to fix it myself but I can leave the duct tape for someone else.


Looking and moving foreward ---->
zip ---> there she goes

and there she went...