Posted on Friday, April 2nd, 2010 at 4:00 pm
Two groups representing former Nortel Networks employees say their members will have their long-term disability benefits extended after a ruling in Ontario Superior Court Wednesday.
The $57 million agreement reached Monday, preserves benefits for the former employees until the end of 2010. Extending the long-term disability, health, and pension benefits for over 20,000 employees who have been laid off and not yet received severance and employees on long-term disability.
The original Nortel pension plan was set to expire Wednesday and cut off the employees benefits. The two groups, Nortel Retirees and former Employees Protection Canada and Canadian Nortel Employees on Long Term Disability, said that the court has approved the new agreement, but has not yet officially announced the ruling.
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