Laura Baziuk | Email news tips to firstname.lastname@example.org
Premier Christy Clark calls the massive payouts toICBC executives 'ridiculous.'
The corporation has reduced its executive and announced it plans to chop an additional 250 positions, which would save them 29 million dollars a year.
but through 2013 severance could cost ICBC up to 26 million dollars in a one year expense.
Clark says the payments are 'silly', but the corporation is bound by the contracts.
"It's very expensive to restructure, but we're going to save more every year as a result of the restructuring, so it's an expensive one-time cost and every year, we are going to be saving rate-payers more than this one-time cost."
Seven executives who were cut last week cut could end up getting almost two million dollars in severance.