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Clarica employees more comfortable with merger Continued from page 4 mon _ shareholders _ will exchange each Clarica share for 1.5135 common shares of Sun Life Financial. The transaction, which is subject to approval by the federal minister of finance, regulators in Canada and the U.S., and Clarica‘s shareâ€" holders and policyholders, is expected to close next spring. Thomas admitted there has been some _ fear expressed over the potential for job loss and elimination through the corporate marâ€" riage. The companies have proâ€" jected approximately 1,500 positions between them could be eliminated out of a combined total of 8,600 jobs. But Thomas said other factors, such as natural turnover and retirement, could help reduce that figâ€" ure. He also said it‘s possible the integration â€" process Catholic school board faces $8 million deficit Continued from page 6 an extended period of time, and will help eliminate the guess work of whether the board‘s liabilities will be covâ€" ered the following year. "We‘re telling them that the new funding formula works well, but it is not adeâ€" quate," said Ervin, who also represents Waterloo on the local school board. "The forâ€" ‘Free Gift * $ 0° for You:.. could prove that instead of eliminating jobs, the operaâ€" tion should be adding employees to accommodate predicted growth. "As we go out and more aggressively do business from a larger base with a larger customer base, it‘s quite possible we could require â€" additional â€" staff," Thomas said. "We will be seeking out mula hasn‘t changed from 1996, and there have been a lot of increases in a variety of different areas. "We‘re trying to live with 1996 dollars and it‘s not working. They have to review those envelopes and they have to make sure there is enough money in there because the costs are real, and we can‘t move money from one envelope to anothâ€" and more aggressively do business from a larger base with a larger customer base, it‘s quite possible we could require additional staff." tm ns es + Fexmasl ts es â€" Nick Thomas Clarica media relations "As we go out the best practices and pickâ€" ing the best people.. "Those within the comâ€" pany who are good performâ€" ers, who demonstrate their abilities and who contribute should have nothing to worry about." Thomas said Clarica foreâ€" sees the agreement as a tremendous benefit to the local economy. "Sun Life is a much larger company, and that presents a marvelous opportunity for us to grow our business here in Canada," he said, adding the deal would more than double Clarica‘s current cusâ€" tomer base from 3,000 to 7,000 clients. He also said the growth could spell good things for Clarica‘s already impressive record of philanthropic parâ€" ticipation within the local community which, Thomas assured, will continue. "In many ways, this (transaction) could put a very positive spin on this community," Thomas said. er in certain areas. So we‘re rather limited as to how much fiexibility we have at the local level." If there isn‘t some accomâ€" modation at the provincial level, it‘ll mean some tough decisions for trustees and local school board officials in the new year. Cuts could include everyâ€" thing from programming to staffing.