The 500 jobs being cut represents 18% of Yellow Pages’ employees.
Yellow Pages chief executive David Eckert explained in a statement that “decisions that materially impact our employees are difficult but absolutely critical to securing the near-term health of the business while we build a great company that provides excellent opportunities in the future.”
All parts of the company’s business will be affected by the layoffs, and costs of restructuring are expected to reach $17-million.
Yellow Pages produces print directories, and also operates as a digital media and marketing business.
Among the company’s holdings are YP.ca, RedFlagDeals.com, Canada411.ca, 411.ca, and Bookenda.com
In The News
Yellow Pages Layoffs: Two Key Severance Facts
Current and outgoing employees at the company should keep in mind two very important facts where their severance pay is concerned.
1. You Are Likely Owed More! Around 90% of employees are wrongfully dismissed when they are terminated from their job. In other words, 90% of people who are let go are not offered the severance that they are rightfully owed.
Often times, employers count on the fact that their employees may not know what their full severance entitlements are. Employees are offered inadequate severance, with a (meaningless) deadline that exists only to pressure the employee into signing away their opportunity to have the offer reviewed. Common law severance pay is based on several factors, including age, years of service, and position. Based on those factors, and more, severance entitlements can amount to as much as 24 months’ pay.
2. A Company’s Finances Will Not Impact Amount of Severance. A company’s financial situation will not be considered by the courts when determining a terminated employee’s severance package. Companies that are struggling financially will often argue that due to financial difficulties, they are unable to pay full severance. This is an excuse that will not hold water.
Keep in mind that once you sign a severance offer presented by your employer, you have accepted their terms and cannot seek help from an employment lawyer to obtain your full entitlements.
BEFORE YOU SIGN, use the Severance Pay Calculator to determine what you are owed.