UGH! That's a new low, even for them! Cutting people who are about to retire.
What kind of company cuts people who are counting the days before the retirement?
The most loyal ones, who gave this company the most. I'm really upset. Couldn’t have PepsiCo come up with some solution for these people so they didn’t have to look for a new job when they needed so little here to retire?
I know folks there that are almost close to 70 and those in late fifties are blockers. Directors are very well paid, I know some folks who have been at director role for 20+ years just because they don't want to step out of their comfort zone, becoming blockers to some seriously high potential folks. Glad the anthill is broken.
I understand your sentiments. However if they are not ready financially but close to retirement, the last couple of years is not going be a game changer to afford Healthcare, because their health is not young to get any better. These days in times of psuedo age discrimination, everyone should start saving as early as possible so nobody has to rely on stretching their retirement when their cards are down at the back end.
Why is that bad? They are ineffective anyway plus they get severance.
To the previous replier- it is bad because if they are pensioned and/or waiting to hit a specific age so they can afford healthcare/medicare and retirement, they may not have the funds they worked hard for and planned on. They are also least likely to get hired in another job due to age discrimination.
It is interesting that so many employees are unhappy at Pep but when you look at LinkedIn and Glassdoor people make it sound awesome.
This company has no soul and is only concerned about profits. It just amazes me that the stock continues to go up and yet the employees will get lousy merit increases and they continue to cut people. I wish the outside world knew the truth about PepsiCo
Unfortunately, this should come as no surprise. They only care about profits, volume and what they can report to the shareholders.
What department, I assume they got 2 weeks for each year up to a year’s severance?
Why is that bad? They get severance. ??