A lot of rumors are flying around. We know restructuring and layoffs are coming, but when really? A lot of dates and numbers, but haven’t heard anything that’s for real.
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More jobs going to Cognizant!
Would the PepsiCo’s Defined Pension be accessible upon layoff or once severance package has been exhausted?
Most companies have rules that allow folks that withdraw from 401k without penalty if they become separated from the company if they are 55 and older. Very common and it’s called the Rule of 55. Look it up as this is not someone gracious benefit.
I've heard that VRP and layoff packages are not the same. VRP includes the ability to start withdrawing from your 401k and pension. Layoff does not. With layoff, after your severance ends, you can claim unemployment. Other than that, both allow you to keep your medical benefits for the duration of the severance.
I was laid off in 2022.. My severance package included benefits for 12 weeks (the duration of my severance package).
Usually a severance package for job elimination doesn't include your medical benefits. Add that to the pro list on taking the VRP.
Thank You and God Bless!
If you’re concerned about getting laid off be proactive and start your search now.
Know there is absolutely no loyalty to employees. If you have a pension - they want you out. If someone can be hired to do your job for less money they want you out. The VRP and layoff plans are very similar. Long term benefits are better with the VRP. If you don’t take early retirement you’re stuck with the layoff option. And it’s highly likely you’re a layoff target. In fact, count on it.
Same question here, if you do not accept the VRP package, is the severance package the same and is the termination the same day?
Are you going to take the package? I received the same email, still debating the option with my family. The question I have for my scheduled meeting with HR is, if I don't take it and my position gets eliminated in the upcoming reorg? Would the severance package be the same as the VRP?
Voluntary Retirement Program has been sent out. I received one and in mid October they are going to let us know our retirement date of one of the following: Nov 2, Dec 28, Feb 8, 2025 or May 3, 2025. If not enough people take these they will then force people out.