Your Opinion regarding company bankruptcy/layoff

**uls** · November 7th, 2006 04:34 PM

Ya, that's why many people would rather NOT resign.

Even if they hate the job, they would just perform badly and hope they get fired so they can collect severance pay.

**artpogi** · November 7th, 2006 04:51 PM

Originally Posted by niky

Resignation doesn't entitle you to the same benefits as lay-off. If you're laid-off, depending on the circumstances, the company owes you severance pay.

If you resign... sorry.

again thanks for all the opinions

yan din nga ang dilemna nya eh, matagal na sya sa company, around 10 years na, sayang yung makukuha nya (kung meron) kung sakaling mag layoff na lang to save the company.

If he resigns, he gets nothing

**theveed** · November 7th, 2006 05:17 PM

Si GMA nga ayaw magresign eh hehehe.

Hirap kasi sa case na to, the cause for retrenchment is bankruptcy, not redundancy.

**MaNgo_Crepe** · November 8th, 2006 10:03 AM

Originally Posted by niky

Resignation doesn't entitle you to the same benefits as lay-off. If you're laid-off, depending on the circumstances, the company owes you severance pay.

If you resign... sorry.

yeah ur ryt that is IF the issue was a mere cost cutting only...definitely there would be a retrenchment..BUT the main query was regarding the companys' BANKRUPTCY ...wherein u dont have any option...but if ur lucky enough to know the companys' bankruptcy b4hand...and u tend to file for an early retirement then u'l still get paid...depending on the length of service....

**BoyFerrari** · November 8th, 2006 10:23 AM

I think that's the same thing that happened in the U.S. regarding ENRON and WORLDCOM, both companies went bankrupt.

Please read this article about workers who get nothing after their company went broke:

http://www.mindfully.org/Industry/Wo...fer30sep02.htm

**empy** · November 8th, 2006 12:06 PM

Originally Posted by MaNgo_Crepe

yeah ur ryt that is IF the issue was a mere cost cutting only...definitely there would be a retrenchment..BUT the main query was regarding the companys' BANKRUPTCY ...wherein u dont have any option...but if ur lucky enough to know the companys' bankruptcy b4hand...and u tend to file for a resignation..then u'l still get paid...depending on the length of service....

this doesn't make sense to me kapatid....diba pag nagresign ka, you are voluntarily terminating your contract of employment? regardless of the reason, you're the one telling your company that you no longer wish to work for them. why would the company be obligated to pay me severance if i told them that?

Originally Posted by BoyFerrari

I think that's the same thing that happened in the U.S. regarding ENRON and WORLDCOM, both companies went bankrupt.

Please read this article about workers who get nothing after their company went broke:

http://www.mindfully.org/Industry/Wo...fer30sep02.htm

masakit sa lahat, not only did the Enron employees lose their jobs but they lost their entire retirement savings that they had invested in company stock. unacceptable behavior by Enron management, but poor financial planning by the employees that put all their eggs in one basket.

**progen** · November 8th, 2006 12:15 PM

Had this similar situation, was employed by a certain company that was also going down the pits due to some uncontrollable reasons, I did try to stay hoping to get a severance pay, but things went from bad to worst, bottomline I did resign good thing I found a replacement job, whew!

So at the first sign of bad sign in the company you are working for, better start updating your resume and shop around for a new job.

**DoctorDoom** · November 8th, 2006 12:15 PM

Originally Posted by MaNgo_Crepe

but if ur lucky enough to know the companys' bankruptcy b4hand...and u tend to file for a resignation..then u'l still get paid...depending on the length of service....

Being laid-off and filing for a resignation are two different things.

When you resign, you are NOT entitled to severance pay. Severance pay, from the name itself, is payment to you because you are being "severed" by the company involuntarily. Resignation - you are severing yourself from the company by your own free will, therefore the company is not obligated to pay you when you decide to leave the company on your own.

One alternative is filing for early retirement instead of resignation. However, early retirement is a company-specific benefit with defined qualification requirements.

**badsekktor** · November 8th, 2006 12:29 PM

Originally Posted by progen

Had this similar situation, was employed by a certain company that was also going down the pits due to some uncontrollable reasons, I did try to stay hoping to get a severance pay, but things went from bad to worst, bottomline I did resign good thing I found a replacement job, whew!

So at the first sign of bad sign in the company you are working for, better start updating your resume and shop around for a new job.

the best advice that you could give to your friend.... ang problema pag medyo may age na yun friend mo at di na marketable ang skills nya... tapos kung wala pa naipon para magstart ng business... hmmm.... kawawa naman yun friend mo...

**MaNgo_Crepe** · November 8th, 2006 12:35 PM

Originally Posted by DoctorDoom

Being laid-off and filing for a resignation are two different things.

When you resign, you are NOT entitled to severance pay. Severance pay, from the name itself, is payment to you because you are being "severed" by the company involuntarily. Resignation - you are severing yourself from the company by your own free will, therefore the company is not obligated to pay you when you decide to leave the company on your own.

One alternative is filing for early retirement instead of resignation. However, early retirement is a company-specific benefit with defined qualification requirements.

OH sorry...that's what i meant...the early retirement program...self employed kz....