by Bhavesh Jinadra by CNB
Roanoke Times Copyright (c) 1995, Landmark Communications, Inc. DATE: WEDNESDAY, January 13, 1993 TAG: 9301130098 SECTION: BUSINESS PAGE: A7 EDITION: METRO SOURCE: staff report DATELINE: LENGTH: Short
DOMINION WORKERS GET JOB FORMS
Dominion Bankshares Corp. employees who are slated to lose their jobs in the company's acquisition by First Union Corp. are being asked to sign forms acknowledging their temporary status.Two different forms were distributed: to employees who will be laid off on March 31, the proposed acquisition date, and to those who will be terminated at other times throughout this year.
Sandra Deem, spokeswoman for First Union in Charlotte, N.C., said the written notice is required by the federal Worker's Adjustment Retraining Notification Act, which is designed to protect employees by requiring written notice of a job termination. The company also must explain in writing their rights and options.
The written notice follows individual conferences on Dec. 14 with all affected employees.
For those who will lose their jobs immediately upon merger, the form said they will be terminated at the time of the merger and states the amount of their severance pay.
Those who will become temporary employees of First Union between the time of merger and abolition of their jobs also will receive severance pay. They forfeit the severance pay if they quit before the job terminates, the agreement says.
Those workers must acknowledge the job is temporary and subject to termination at any time. - Staff report