Setting it Straight.Byline: The Register-Guard A story in Thursday's business section incorrectly reported the amount of notice Sony SONY Standard Oil of New York (common, but untrue; it's an urban legend) gave 70 workers who were recently laid off from the Springfield Springfield. 1 City (1990 pop. 105,227), state capital and seat of Sangamon co., central Ill., on the Sangamon River; settled 1818, inc. as a city 1840. compact disc plant. Workers received 30 days' notice. The company says it complied with all federal and state regulations. The federal Worker Adjustment and Retraining Notification Act The Worker Adjustment and Retraining Notification Act (WARN Act) is a United States law protecting employees, their families, and communities by requiring most employers with 100 or more employees to provide sixty- (60) calendar-day advance notification of plant closings and mass requires employers to give workers 60 days' notice or 60 days' pay in a mass layoff Layoff 1. When a company eliminates jobs regardless of how good the employees' performance. 2. A risk reduction, made by investment bankers, that minimizes the potential downside associated with a commitment to purchase and sell a stock issue unsubscribed by stockholders holding . Sony's layoff wasn't a mass layoff, as defined by the act, because Sony cut 20 percent of its work force, not the 33 percent required to trigger the act. Banking analyst Jay Tejera works for Ragen MacKenzie. A Retail Notebook item in Thursday's paper misidentified his employer. |
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