What was the minimum age+years of service number for the last ER package? Manager told me new one is coming but didn’t have number yet.
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... Not sure what I would do if it’s offered. The other thing is I might be identified as an LR anyway without the sweet deal.
Might be identified? Try almost certainly will be identified. And then you'll be in the same boat with half the severance. If it's offered, TAKE IT. If you still want to work, start looking immediately and take as long as you need to find the next role and pocket what's left of your package.
I agree. I’m in a position to completely retire financially; however, I’m not sure I’m ready yet. If I accept the ER package, I may not be able to return to work even if I want to. This weighs heavy on me. Not sure what I would do if it’s offered. The other thing is I might be identified as an LR anyway without the sweet deal.
I would ONLY do this if you can fully retire. If you require income still, it is not a good environment when you are over 50. They can't use age against you, but it is used all the time. They can tell from when you graduated college, how long you have been with your employer, and a ton of other things. I am not saying it is impossible, but it will be 100x more work if you are in your 50s than it would be if you were in your 20s or 30s.
Given the difficulty in getting a new job for those over 50, you might want to reconsider if this is good for you.
I didn’t go to high school pep rallies and i didn’t watch Glee on TV,, why would i want to work at Cisco?
I remember being in new hire orientation in 2005 when VP HR at that time announced RMAP to our group in person. Years later, I keep active in it with the vision plan, after being released. Great backstop for health insurance when/if between gigs. Toggle on/toggle off, triggered by life events.
The RMAP is a great deal. As long as you keep one component, you can add or delete coverage at any life event. Say you get a job with full health insurance. You can just keep one minor $ line item like eyecare active, and then use your new employer medical insurance. Say you want to take another job but take a nice summer off. You just reestablish your RMAP until your fall job starts. Have taken two four month breaks this way since LR
www.networkworld.com/article/2202612/cisco-offers-early-retirement-to-certain-employees.amp.html
I would have sworn it was a minimum age of 50 with the combined age plus years of service equaling or exceeding 55.
The day I was LR'd back in Aug '11, I went to the copier to make copies of something and there was a young-ish guy there who was VERY p-ss-d off. He'd been with the company 17 years and started as a college grad so he was under 50 years of age. His manager that year had only joined Cisco the year prior, but was 55 so his age plus 1-2 years of service made him eligible for the ER package and he departed back in June while this guy with 17 years of service to the company got half the severance pay and 25% of the health benefits his manager did with only two years of service.
I won't forget that as I had to listen to him vent while I wait for my turn at the copier.
It's possible he had his manager's age or years of service wrong. Maybe his manager switched teams and had more Cisco years of service than he knew about.
I know that Cisco employees who are LR'd (and probably those that quit) that are over the age of 50 and have 5 years of service are eligible for Cisco's Retiree Medical Access Plan (RMAP), so that's why I think it's age 50 plus years of service exceed 55 for the early retirement plan. But, they could certainly change it for the next offering IF they offer one.
I agree unlikely it is offered by I would expect they would increase the eligibility threshold to 70 (50+20, 55+15, 60+10) or some number that minimize the impact while still accomplishing the reduction. If it were at 60, I agree that the door would be never close as people departed.
Very unlikely this is offered. EVERY eligible employee would take it.
1/3 of the company would be gone overnight
wishful thinking but if true I' d probably give myself a stroke from reaching out so quickly to my manager that I accept :)
Yes hearing it is a definite possibility.
anyone seeing reliable evidence that an ER package may come?
I think the way it worked was you had to be at least 50, and your years of service were added on top of that, it needed to add up to at least 60. I don't think you needed 10 years of service, its just the formula of age being at least 50 + years service = at least 60.
Damn If I were somehow 50+ years old and working here I'd Definitely consider. I wanna be retired around there anyway, might as well pay me to do so
Age was 50 plus minimum of 10 years service.
It was 50 when they offered it in 2011.
Age+ServiceYears => 60