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BellSouth workers could get severance deal

Here is the latest for Bellsouth and AT&T

By SCOTT LEITH
The Atlanta Journal-Constitution
Published on: 03/07/06

BellSouth workers who lose their jobs in a buyout by AT&T could leave with tens of thousands of dollars in severance pay.

According to a document filed Tuesday by BellSouth with the Securities and Exchange Commission, the company plans to offer a severance plan that will be available for two years after AT&T buys the company. The plan provides for severance equal to 7 percent of base pay per year of service. Workers will get a minimum of 50 percent of their salary and a maximum of 150 percent.

That plan is more attractive than terms announced last year when BellSouth said it would cut 1,500 jobs. In that case, workers were offered 5 percent of base salary for each year of service, with a minimum buyout of only 5 percent.

BellSouth’s SEC filings also showed that pension plans for retirees will not change if AT&T gets approval to buy the company. Retiree benefits will stay the same until the sale closes but could change in the future.

AT&T expects to close on its acquisition of BellSouth within 12 months. The new company expects to shed about 10,000 jobs, with many likely to be lost in Atlanta.


Posted by loni on 03/09 at 10:39 AM in Blogging

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