NEW YORK—An agreement has been reached for workers at New York’s Waldorf Astoria hotel to receive severance payouts averaging more than $142,000 as a result of losing their jobs as part of a partial condominium conversion, according to The New York Times.
The Times also reported that a few employees will be eligible for more than $300,000. The agreements was negotiated by their union, the Waldorf’s owners and Hilton Worldwide, which operates the Waldorf. The hotel is owned by China’s Anbang Insurance Group, which bought the property this year and announced plans to convert part of it into high-end condominiums.
Under the term of the deal negotiated by the New York Hotel and Motel Trades Council, employees will receive 29 days of pay per year they worked, or 58 days if they are tipped employees.