Business Services Industry
Boston Insurer John Hancock Scales Back Severance Package for Laid-Off Workers.
Knight Ridder/Tribune Business News, November, 2002
By Scott Bernard Nelson, The Boston Globe Knight Ridder/Tribune Business News
Nov. 22--John Hancock Financial Services yesterday scaled back the severance package it pays to laid off employees, even as the Boston insurer acknowledged that some of its divisions will be sold or outsourced in the near future.
In a memo sent to John Hancock employees yesterday and obtained by The Boston Globe, the company's human resources department announced it was cutting the standard severance package to the level offered by competing firms, and making the change to "support necessary and strategic divestitures" of Hancock divisions. John Hancock employs 5,000 people in Boston and 8,000 worldwide.
The memo, which was e-mailed to employees yesterday...
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