Financial statements, March 31, 2014
7.7. Notes to financial statements: Employee severence benefits liability
The Canadian Grain Commission provides severance benefits to its employees based on eligibility, years of service and final salary. These benefits are currently calculated based on the actual severance owed to each employee.
With Budget 2011, the Government of Canada announced its intention to eliminate the ongoing accumulation of severance benefits. All collective agreements for the Canadian Grain Commission have been negotiated and severance benefits have ceased to accumulate. Employees are being given the option to liquidate immediately or collect upon departure from the public service.
|2014 $||2013 $|
|Employee severance benefits liability, beginning of year||12,057||11,268|
|Expense for the year||1,027||1,630|
|Benefits paid during the year||(7,367)||(841)|
|Employee severance benefits liability, end of year||5,717||12,057|
|Current portion of employee severance benefits liability||(2,984)||(1,739)|
|Long-term portion of employee severance benefits liability||2,733||10,318|
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