Financial statements, March 31, 2015

7.7. Notes to financial statements: Employee severance 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 were given the option to liquidate immediately or collect upon departure from the public service.

Employee severance benefits liability (in thousands of dollars), 2015 and 2014
  2015 $ 2014 $
Employee severance benefits liability, beginning of year 5,717 12,057
Expense for the year (67) 1,027
Benefits paid during the year (2,523) (7,367)
Employee severance benefits liability, end of year 3,127 5,717
Current portion of employee severance benefits liability (346) (2,984)
Long-term portion of employee severance benefits liability 2,781 2,733