WATERLOO, ON, June 6, 2002 – Clarica announced today that
it plans to consolidate the Moncton, New Brunswick retail customer call centre operations
of Sun Life Financial with Clarica’s customer call centre facilities in Ottawa and
integrate the client support structure into its existing infrastructure. The consolidation
will take place in two phases. The first phase is expected to be completed by December
2002 and the final phase by April 2003.
Clarica said there would be no disruption of service to
clients during the consolidation of the retail customer call centre operations in Ottawa,
which has the critical mass to support demand from its retail line of business today. Upon
closing of the final phase, 33 full-time positions will be eliminated and these roles are
included in the 1650 previously announced as a result of the acquisition of Clarica by Sun
Life Financial, which closed on May 29 this year.
All employees displaced as a result of this acquisition and
this consolidation will be provided with access to a transition fund of up to $25 million
that has been put in place to support individuals in repositioning themselves for either
internal or external roles. Displaced employees will receive severance exceeding industry
standards and, under certain conditions, enhanced early retirement benefits in accordance
with a temporary pension amendment. Other initiatives include training and practical
assistance in finding a new position, workshops to enhance capabilities and funding
programs to support education activities or to launch a business venture.
Clarica has provided insurance and investment solutions to
Canadians for more than 130 years. Today, Clarica serves more than two million individual
customers through its 4,000-strong direct sales force, offering insurance, savings and
retirement products. Clarica is a member of the Sun Life Financial group of companies.
Sun Life Financial
Sun Life Financial is a leading international financial
services organization providing a diverse range of wealth accumulation and protection
products and services to individuals and corporate customers. Tracing its roots back to
1871, Sun Life Financial and its partners today have operations in key markets worldwide,
including Canada, the United States, the United Kingdom, Hong Kong, the Philippines,
Japan, Indonesia, India, China and Bermuda. As of March 31, 2002, the Sun Life Financial
group of companies had total assets under management of CDN $357 billion.
Sun Life Financial Services of Canada Inc. trades on the Toronto (TSX), New York (NYSE)
and Philippine (PSE) stock exchanges under ticker symbol “SLC”.