(CMR) Several employees, including senior executives employed at Logic, are set to leave the company after they were offered a severance package this month.
CMR understands that employees have little choice as the company is making significant changes.
In a release issued Friday, 22 December, Logic said it opened its Voluntary Separation Programme (VSP), giving all employees an option and opportunity a choice to participate.
According to the release, Logic has experienced change within the organization as the company continues to evolve.
“With progress comes change, and Logic recognized that change is uncomfortable for some; therefore, the company offered employees time to consider taking part in the VSP. This initiative is a first for Logic and is an innovative and generous employee program, which gave employees the choice to participate,” the company stated.
Employees who choose to take the package are offered enhanced packages based on years of service, extended health cover, pro rata bonuses, and career change advisory sessions.
“While change is constant, Logic appreciates it is difficult. Logic appreciates and thanks every employee who chose to participate in the VSP for all their years of service and commitment,” the company added.
Logic said it is committed to building on its existing operation and will continue to offer new products and services and support the communities in which it operates.
Under Cayman employment laws, upon termination of an employee by an employer for any reason other than termination for cause, an employee who has been employed for one year or more is entitled to receive severance pay in addition to any other entitlements.
In the event of the winding up or bankruptcy of an employer, severance pay obligations should have priority over all other debts, secured or unsecured. Employees should be paid in full unless the money or property available is insufficient. Severance pay is payable to an employee for the entire period of his employment, including any probationary period.