For the current round of layoffs/restructuring happening now, does anyone know if the early retirement packages are being offered to employees over 50, with at least 15 years of service with the company?
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Testing, testing 123
The package is based on the years of service negotiated by the company that you came from. For instance, people who came from TI had a negotiated clause that said that your years of service from TI would be included as continuous service. When I got hit 2 years ago it was a week per year until 11 years (which was the minimum payout) then 2 days for every year after that. I wonder what it is now...
I wish I knew that answer because every dollar goes a long way in this lackluster job market. I do know that the 60 days of Warn act pay is paid within 60 day of your last workday. On or around 90 days after your last day if you get severance it will be paid then. That last severance pay will be taxed hard like 44%.
Thank you for reply. Do you know if the continous service date is the basis for the calculation. In other words if you got into HP at the time due to an acquisition. The continuous service time starts from the time you started working at the acquired company.
There are no specific early retirement packages at this time. There are standard Wfr packages. 60 day warn act pay. Warn act pay is what a corporation can pay so they don't have to publicly announce layoffs and scare customers and or investors.
There is a chance you may get 16 hours of pay for every year after your 11th year. They don't offer that with all packages