Hey guys,
So my company is in the process of being acquired. LEC (Legal Entity Change) is taking effect Dec 1st, and they’ve sent over new contracts (from the acquiring company) which include a pay cut. For scale it is about a 5% cut.
This cut means that I can no longer afford to buy a house in my area, which my fiancé and I were actively working on doing. Mortgage broker said our affordability drops to Y instead of X (which I’m currently on), so that puts me in this predicament.
They’ve given us 7 days to sign this new contract. If we refuse, we’ve been told it counts as a voluntary resignation from our existing company. At this point, I’m thinking about just signing the new contract and immediately looking for a job elsewhere that pays me what I’m worth.
Any advice on if I should pursue any legal representation? Or if I’m just SOL and doing the only thing I can?
(I am in Ontario – worth mentioning as I know laws change province to province)