Hi, I hope someone can help clarify whether this situation falls under the non-diminution of benefits:
Situation:
- As part of my signed list of benefits, a car plan is included, with a 40% equity on my part and a term of five (5) years. On the 5th year, based on company practice, I will pay the depreciation cost to transfer ownership of the vehicle to my name.
- This month, the Company issued a memo stating that car plan renewals are on hold until further notice due to financial distress.
- The monthly cash equivalent of the car plan will also not be converted to cash.
- The transfer of ownership for my existing car plan is likewise on hold until further notice, even though I have already completed the 5-year term and have a 40% equity.
With this, may I seek assistance on whether this situation falls under the non-diminution of benefits?