Can someone expand on what can be expected in terms of severance if we are cut. I was planning to leave anyway due to a life event, but if I was to be let go with some reasonable severance I may decide to stay a bit longer in order to receive it. I know that this is a bit selfish, but we are all professional here, VZ is looking for the best possible outcome for the company, and I am doing the same for myself. Any input will be very much appreciated.
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I was laid off in wireless in February 2015. Maximum severance is 2 weeks per year of service up to 35 weeks, NOT 36 weeks with STI computed as part of total. Outplacement services for 3 months - very helpful so utilize that all you can. Health benefits included for the severance period and then you have to decide whether to ride out COBRA, or if you are considered a retiree, retiree medical benefits.
I was laid off in wireless in February 2015. Maximum severance is 2 weeks per year of service up to 35 weeks, NOT 36 weeks with STI computed as part of total. Outplacement services for 3 months - very helpful so utilize that all you can. Health benefits included for the severance period and then you have to decide whether to ride out COBRA, or if you are considered a retiree, retiree medical benefits.
Not sure about wireless, but wireline is 2 weeks per year.
I am not sure what the limit it, but I think it is about 38 or so weeks.
They will take 60% of your severance in taxes
What else is typically included in a RIF package? Resume assistance, job placement, career coaching? How is the STI handled, is it prorated and included in the seperation package?
Serverance pay is Fully Taxed , so dont get too excited when you see the computed amount. Also I heard that Wireline is converting to the Wireless Serverance Package
In wireless it's two weeks for every year worked up to 36. Do they ever fire the landline slugs?
The original poster here... Got it, I was kind of suspecting that... Thanks for the info anyway. This board is very useful.
Severance packages are not readily shared with wireless management employees nowadays. You will not find this severance package info in About You either. Nor will upper management share this information. Even when asked directly. For some reason they keep these details secret. In years past the management offer was 2 weeks for every year vested. With a cap of 36 weeks. ..Best wishes with your decision.
Thanks for the info, yes, I am on the wireless side, non union, non-manager
And that depends on where you are in the company. Are you management ? On the wireless side ? Union ?
You can find it in the About You section or call HR directly.
I've known of older fellows volunteer (quietly) to their manager or mention that they would not mind if they were rif'd.
Not sure if it's against the rules, somewhere, so I don't think it's an official process, since they'd rather people left if they were leaving, rather than pay severance.