My uncle spent years preaching to me about the need to be loyal to a company. I never drank the Kool-Aid. He spent 21 years working for an investment banking company in their IT department. 4 years before he was set to retire with a full pension, etc. his company was acquired by a larger bank. He lost everything except his 401k. He then spent the next 12 years working to get his time back so he’d be able to retire. He died 2 years ago and the company sent a bouquet of flowers.
So the way he explained it to me was that essentially when the company was purchased all your accruals were reset and the pension was tied to years of service, which he hadn’t reached yet, then with the merger you were essentially a new employee. There was also a lot tied to retirement plans linked to corporate stocks that were basically useless after they merged. Either way, beyond working for the same company forever, his eggs were (mostly) in one basket.
Basically, “any employee’s contract of employment will be transferred automatically on the same terms as before in the event of a transfer of the undertaking. This means that if an employer changes control of the business, the new employer cannot reduce the employees’ terms and conditions”
This regulation and strong unions are the backbone of job security in the EU.
My uncle spent years preaching to me about the need to be loyal to a company. I never drank the Kool-Aid. He spent 21 years working for an investment banking company in their IT department. 4 years before he was set to retire with a full pension, etc. his company was acquired by a larger bank. He lost everything except his 401k. He then spent the next 12 years working to get his time back so he’d be able to retire. He died 2 years ago and the company sent a bouquet of flowers.
THE COMPANY DOESN’T CARE ABOUT YOU!!
How do you lose a pension? It doesn’t matter where you work or if a company gets bought.
So the way he explained it to me was that essentially when the company was purchased all your accruals were reset and the pension was tied to years of service, which he hadn’t reached yet, then with the merger you were essentially a new employee. There was also a lot tied to retirement plans linked to corporate stocks that were basically useless after they merged. Either way, beyond working for the same company forever, his eggs were (mostly) in one basket.
Yet another reason to be glad to live in the EU:
TUPE Regulations
Basically, “any employee’s contract of employment will be transferred automatically on the same terms as before in the event of a transfer of the undertaking. This means that if an employer changes control of the business, the new employer cannot reduce the employees’ terms and conditions”
This regulation and strong unions are the backbone of job security in the EU.