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Abuse of Sears employees

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“While 2,900 Sears Canada employees have lost their jobs, benefits and pension plans, the company’s CEO and senior managers received bonuses.

The terminated employees will not be getting any severance pay and will lose all benefits and pension plans.

The retail chain will pay up to $9.2 million in retention bonuses to 43 executives and senior managers and 116 store general managers.

How can corporations be allowed to underfund pension plans, be allowed to fritter away resources set aside for retirement health benefits, while paying out massive profits to shareholders?

How can our governments sit back and allow corporations to treat their employees like total rubes? The business world could see what was happening to Sears, analysts could see the ruthless and deliberate wind down of the company, and yet no one thought to ask: What does this mean for retirees and their benefits?

“I am one of the Sears employees having a termination without severance. I am 60 years old and have been employed 34.74 years by Sears Canada. I’ve always held a manager or assistant-manager position. The recent turn of events has seriously threatened the financial security and health of my family. The loss of severance is a significant loss.” Anonymous,