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Levi Severance Plan Remains a Leg Up on Others.(Originated from The Atlanta Journal and Constitution)
Knight Ridder/Tribune Business News, November, 1997 by Joyner, Tammy
ATLANTA--Nov. 5--When it comes to generosity, Levi Strauss & Co. is a hard act to follow.
The San Francisco-based jeans makers' decision to close 11 factories and cut 6,400 jobs is softened by a precedent-setting severance package that includes up to three weeks' pay for every year of service, a $500 bonus when a worker finds a new job and a $6,000 allowance per worker that can be used to relocate, retrain or start a business.
That means an employee who has been with the company for 10 years will walk away with $32,000 in pay, on average, according to the company.
The $200 million-plus package is reminiscent of hefty severance plans of the early 1990s, according to severance and benefits plans experts.
"This is a...
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