More light shed on power firm merger
AFTER months of uncertainty over jobs and severance payments, Powergen employees have begun receiving written confirmation from management.Letters to a number of staff working in Energy Trading state pay-off figures in black and white, cash they would receive if they leave the company.
AFTER months of uncertainty over jobs and severance payments, Powergen employees have begun receiving written confirmation from management.
Letters to a number of staff working in Energy Trading state pay-off figures in black and white, cash they would receive if they leave the company.
They were not letters of definite redundancy, however, but it is a big step forward for some in the long wait for many of the 1,200 staff who joined Powergen in the TXU October buyout.
A spokesman for Powergen said it is still too early for that final decision to be made.
As reported in yesterday's Evening Star, the new structure of the company will be known by February 10 and in early March staff will know what jobs they could apply for elsewhere in Powergen.
Company spokesman Jonathan Smith said it was not Powergen policy to discuss figures and added: "Agreements are highly confidential but in all cases we are honouring TXU contracts."
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The Evening Star understands however that severance payments vary from one year's salary for long-term employees and six months salary for shorter term. It is believed also that payments will be made available for staff with less than two years service.
Mr Smith added: "Each team across the company is moving at a different pace, in some areas like Energy Trading, staff know what severance would be paid if they leave.
"Other areas are going through the consultation process while there are teams at the start of what is an on-going, rolling process. Each business group is doing things differently," he added.
Energy Trading and Business Services (UK) are two areas currently receiving confirmation letters.