First off - if you've been personally impacted - I'm sorry. Is anyone with actual first hand knowledge willing to share the details of the package from this round of LRs?
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You continue as a Cisco employee with benefits for 2 months and do not need to (and can't really) do anything related to the role that was eliminated. Spend that time looking for a role inside the company if you choose.
After that point the package is 4 months salary + 4 months COBRA payments for everyone. Anyone with more than 10 years at the company gets an additional week of salary for years 10-19. More than 20 gets 2 weeks for years 20 on. All money paid into ESP is also returned and PTO balance is paid out as well.
Presumably LR'd employees are still eligible for the end of year bonus.
So LR'd employees will be getting at least 6 months and in many cases several weeks possibly a couple months more.
Compared to other companies, it's not a terrible package.
Years of service payments include 1 week for >=10 and 2 weeks for >= 20.
For example, I have 11 years of service, so I am receiving 2 weeks YoS payment.
You guys need to stop spreading misinformation.
Everyone gets 2 months of garden leave plus 4 months of separation pay. You get 1 WEEK per year of service beyond 10 years and 2 WEEKS per year of service beyond 20 years.
Any idea if they accelerate RSU vesting?
15 years would evaluate to 2 months for 10 years service and an extra 5 months (instead of 4 months is what I read) for the 10-15 years of service
So not that great - do tell if I have it wrong and you've heard otherwise
No.
at which point you get a month for every year of service instead of a flat 4 months.
it's one WEEK per year of service over 10 years plus 2 weeks over 20 years
Does that mean if a Cisconian with 15 years of service gets 2 months garden leave then on November 16th gets 9 months severance plus 4 months Cobra
Based on the package, if Cisco hadn’t misclassified me as a contractor for 16 years, I’d be looking a 10 month of severance? Am I reading that correctly? That’d been nice.
Got laid off from my contract with no severance or anything. I didn’t have benefits. I’m cooked. Going to just job search religiously and eat hard boiled eggs with my dog.
The severance package is not a secret, Fran talked about it in the town hall last month. 2 months garden leave, 4 month severance after that unless you have been with the company for more than 10 years at which point you get a month for every year of service instead of a flat 4 months.
I got impacted - my official exit date is 2 months from now, at which point I will receive 4 months' pay + pay for 4 months' COBRA premiums. Still receiving my bonus. There is additional pay if you have served over 10 years with Cisco (but that doesn't apply in my case.) They also give you access to a career coach to help if place you either within or outside Cisco. It's a decent exit package, I'm grateful for it. Will give me space to breathe while I look for something new. I hope you aren't impacted. Thoughts are with you and your team!
I got impacted - my official exit date is 2 months from now, at which point I will receive 4 months' pay + pay for 4 months' COBRA premiums. Still receiving my bonus. It's a decent exit package, I'm grateful for it. Will give me space to breathe while I look for something new. I hope you aren't impacted. Thoughts are with you and your team!