Thread regarding Cisco Systems Inc. layoffs

Not sure about all states but some have ended the $300 unemployment assistance as of last week.

"On September 9, 2020 the Federal Emergency Management Agency (FEMA) informed the Workforce Commission, that the Lost Wages Assistance program (LWA), which provided an additional $300 a week to qualified unemployment claimants ends with the benefit week ending September 5, 2020. Because the funds provided by FEMA were limited, cannot extend payments beyond that date."

Not to frighten you, but the LR could be just 30-days. Any severance package is a gift. Companies don't have to provide anything. With the enhanced unemployment benefits, they can just end severance all together. They can give you the LR in October and exit you out with nothing but the number to the unemployment office and a piece of paper saying you are eligible for unemployment.

Will they do this? Unlikely. However, it is in Cisco's favor to do so. In NC, the company is on the hook for 12-20 weeks. With a payment of $350 per week, Cisco is looking at a total cost of $7,000 per employee. It is cheaper to pay that than pay severance. With the Federal government giving an additional $300, that is $650 per week. In most cases, this is funded by the employee anyway. I am not sure about Cisco, but any benefit you have that is not vested is reverted back to Cisco. When I was let go from my employer, my severance was $30k after taxes. I lost a stock account at $6k and a Future HSA account at $30k. They made $6k by getting rid of me.

what was the LR package in March, what can we expect in LR package coming in Oct 7? will it be specific to years of servcie example, someone who was at cisco for a year versus someone with 20 yrs service

No one knows yet except the ELT and they aren't being that transparent. They used the excuse of not sharing the details of the CEP because they felt if you weren't eligible for it you didn't need to know.

It's a pretty safe bet that it will be the same as all the years prior in that it will have you as an employee for 30 more days, and pay you 30 days in lieu of notice because CA requires 60 days notice. Then there'll be X number of weeks of actual severance pay. It used to be 4 months (so that it totaled 6 months with the 30 days you're still an employee but not working and 30 days pay in lieu of notice), but then dropped to 3 months. Somewhere after the '11 LR they added an extra week for each year of service for those with 10-19 years and 2 extra weeks for each year over 20. They'll probably keep that, but the 3 months severance may get cut down to 2 months or even 1 seeing how they reduced the ER package by 25% from the '11 ER package.

I'm sure someone will post the details on Oct 7th.

what was the LR package in March, what can we expect in LR package coming in Oct 7? will it be specific to years of servcie example, someone who was at cisco for a year versus someone with 20 yrs service

@hfv+16QhUtgy

What are you yapping about ? OP found another better place, good for him/her/etc.

I wouldnt be too cheery, as only one hiring is AWS and Cisco isnt respected by their interviewers, they assume you are a poser, not really as accomplished as they are , of course. Cisco is the best gig right now if you can hang on, if not, you might have to wait until spring. Sorry, truth hurts.

exactly.... I keep returning to this site to re-assure everybody that there ARE jobs out there... there ARE better opportunities. Don't let this company drain you of will to live. Get out there and try something new.